The National Stock Exchange (NSE) Nifty index closed at an all-time high of 9,306.60 on Tuesday. The index was trading up 88.65 points or 0.96% from its previous close. Will BSE, which is close to its all-time high breach the level on Wednesday?
The National Stock Exchange (NSE) Nifty index closed at an all-time high of 9,306.60 on Tuesday. The index was trading up 88.65 points or 0.96% from its previous close. Will BSE, which is close to its all-time high breach the level on Wednesday?
Nifty's Tuesday closing breached its April 5 record close level of 9,265.15. Intraday, it had surged to 9,309.20.
On Tuesday, the "Indian markets followed global markets higher with the Nifty index closing above 9,300-mark for the first time ever, as Reliance Industries' Q4 profit beat estimates and the rupee rose against the dollar on improved risk appetite following Emmanuel Macron's victory in the first round of the French presidential election," a report by Angel Broking said.
The BSE also remained in the green buoyed by the strength in the global markets and favouring factors in the domestic arena led by strong corporate earnings for the fourth quarter.
The 30-share BSE Sensex closed at 29,943.24, up 287.40 points or 0.97% from previous close. At this level, it is only 81.5 points away from its all-time high of 30,024.74 hit on March 4, 2015. The BSE had breached the psychologically crucial 30,000-mark on the day after the Reserve Bank of India had unexpectedly cut the key lending rates.
Pre-open levels for the Sensex show the level at 30,030.20, up 86.96 or 0.29%, breaching its previous all-time high.
On Wednesday, several factors align for Sensex to breach its last record high. However, some risks of profit booking remain which may limit its rally.
The strong points:
Asian markets are on a gaining streak for the fifth day led by strength at the Wall Street. Nasdaq Composite hit an hit an all-time high on Tuesday while the Dow and S&P 500 brushed against recent peack as strong earnings underscored the health of corporate America, a Reuters report said.
Despite the near 300 points surge on the BSE on Tuesday, the Angel Broking fundamentals report said that the "Indian markets are likely to open positive tracking the SGX Nifty and Asian markets."
Markets will also be buoyed by better-than-expected Q4 results posted by Wipro with marginal growth in net profit to Rs 2,267 crore and a 5% rise in the total income to Rs 15,033 crore. While the company projected a muted outlook, it sought to cheer investors wtih a 1:1 bonus issue.
Continued strength in the rupee may also prop up the domestic markets on Wednesday. The rupee closed at a 20-month high on Tuesday against the dollar at 64.2750, a level last seen on August 11, 2015, a LiveMint report said. Intraday, it had touched a high of 64.21 seen on April 7.
On Wednesday, Axis Bank and Lakshmi Vilas Bank are among the companies that are expected to announce their fourth quarter results.
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