The sentiment also got a boost after data showed that foreign funds made fresh purchases in Tuesday's trade and good corporate earnings continued to pour in
After a two-week lull, bulls returned in droves on Wednesday lifting benchmark indices to yet another highs as good monsoon forecast by Indian Meteorological Department (IMD) raised hopes for the economy.
The NSE Nifty rose 93 points closing above the 9400 mark while the Sensex spurted 300 points to another record high.
After a strong opening, the Sensex breached the 30000 mark closing at 30248.17, rising 314.92 points, or 1.05%. The index broke its previous record close of 30133.35 it hit on April 26. Nifty closed at 9407.30, up 90.45 points, or 0.97%. It crossed its previous record close of 9359.90 on May 4, as well as the intra-day high of 9,377.10.
The sentiment also got a boost after data showed that foreign funds made fresh purchases in Tuesday's trade and good corporate earnings continued to pour in.
Telecom stocks rose the most 4.59%, while FMCG, auto and energy gained over 1%. IT and realty scrips were the only laggards. Bharti Airtel was the biggest gainer in the Sensex pack, surging 7.87% though the company reported its lowest quarterly profit in four years. HUL climbed 4.60%, HDFC 3.25%, Mahindra and Mahindra 2.59%, Reliance Industries 2.17%, Bajaj Auto 1.74%, Axis Bank 1.68%, Maruti 1.53%, Cipla 1.49% and Tata Motors 1.25%. Financial services stocks also rallied reflecting markets' expectations for further strength in equities.
Experts said good monsoon forecast augured well for the rural economy and consequently FMCG players.
"IMD chief's quote signalling better-than-before rains fuelled farm and economic hopes, which led to an upsurge in HUL, M&M stocks, among others dependent on the economy. In addition to an upbeat monsoon forecast and global cues, many companies aiming for a long-term bull run including small and medium enterprises, are moving away from the small and mid cap stocks to large-cap index stocks for comfort, all of which has spurred Wednesday's rally," G Chokkalingam, founder and managing director, Equinomics Research & Advisory Pvt Ltd, told DNA Money.
While Nifty may be resistant to the 9450 – 9500 band in intraday trade, 9337-9336 may prove to be its strong support zone, believe experts. Going ahead, 9600 is in sight for Nifty and traders will benefit being in tandem with the trend, they said.
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Telecom stocks rose the most 4.59%, while FMCG, auto and energy gained over 1%. IT and realty scrips were the only laggards. Bharti Airtel was the biggest gainer in the Sensex pack, surging 7.87% though the company reported its lowest quarterly profit in four years. HUL climbed 4.60%, HDFC 3.25%, Mahindra and Mahindra 2.59%, Reliance Industries 2.17%, Bajaj Auto 1.74%, Axis Bank 1.68%, Maruti 1.53%, Cipla 1.49% and Tata Motors 1.25%. Financial services stocks also rallied reflecting markets' expectations for further strength in equities.
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