Sensex, Nifty reach all-time highs on Bihar CM Nitish Kumar's surprise move, strong Q1 earnings

BT Online        Last Updated: July 27, 2017  | 14:47 IST
Sensex, Nifty reach all time highs on Bihar CM Nitish Kumar's surprise move, Q1 earnings

The Sensex and Nifty on Thursday welcomed the partial transition of power in Bihar, global rally and better-than-expected quarterly earnings.

The BJP's re-entry into power in the state in alliance with Nitish Kumar's Janata Dal (United) led the market to its all-time high, strengthening the position of the Narendra Modi-led party for the 2019 Lok Sabha elections.

The Nifty which closed above 10,000 level for the first time ever yesterday, rallied to its highest intra day level of 10,104 points in early trade.

The Sensex which closed at 32,382 level yesterday, rose to its all-time high of 32641 in early trade.

Hectic shortcovering in view of July expiry day amid dovish stance by the US Federal Reserve and optimism over slew of corporate earnings later in the day spurred the buying momentum.

At 11:22 am, the index was trading at 32,660 level, up 278 points or 0.86 percent.

HDFC (3.82 percent), State Bank of India (1.32 percent) and Hindustan Unilever (1.13 percent)and Maruti Suzuki (1.13 percent) were the top gainers on the 30-stock Sensex.

Maruti Suzuki hit a fresh 52-week high of 7671 points ahead of its June quarter earnings scheduled to be announced today.  

Biocon (0.45 percent), ICICI Bank (1 percent) and ONGC (0.06 percent) were trading higher ahead of their June quarter earnings scheduled to be announced today.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 60.60 crore on Wednesday, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 676.61 crore.

Private sector lender YES Bank hit a fresh yearly high  of 1796.50 level on the BSE on a strong 32 percent rise in net profit for the quarter ending June 2017.

IT firm HCL Technologies' stock too hit a fresh 52-week high of 926 level on Q1 net profit which rose about 8 percent.

Global markets

Japan's Nikkei 225 gained 0.1 percent to 20,065.21 and Hong Kong's Hang Seng climbed 0.5 percent to 27,066.71. South Korea's Kospi added 0.2 percent to 2,439.39 and the S&P ASX 200 of Australia climbed 0.3 percent to 5,795.30. Taiwan's index climbed 0.9 percent after electronics maker Foxconn announced a $10 billion investment in Wisconsin that is expected to create 3,000 jobs. The Shanghai Composite index slipped 0.3 percent to 3,237.04 and shares in Southeast Asia were mixed.

US stock indexes inched further into record territory Wednesday after AT&T, Boeing and others joined the parade of big companies reporting stronger profits than analysts expected. The Standard & Poor's 500 index edged up less than 0.1 percent to 2,477.83, adding a whisper to the record high set a day earlier. The Dow Jones industrial average gained 0.5 percent to 21,711.01, and the Nasdaq composite rose 0.2 percent to 6,422.75.

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