At 10:24 am, the Sensex was trading 320 points higher at 37, 305 level and the Nifty stood at 11,247, up 80 points. The BSE metal index rose to a record level of 12,497 points, up 219 points.
The Sensex and Nifty continued their record run for the fifth continous day and hit fresh all-time highs backed by metal and fast moving consumer goods stocks in early trade today. Q1 earnings of India Inc buoyed investor sentiment on the Dalal Street.
While the Sensex touched an intra day high of 37,327, Nifty hit a fresh record of 11,253 level.
At 10:24 am, the Sensex was trading 320 points higher at 37, 305 level and the Nifty stood at 11,247, up 80 points.
The BSE metal index rose to a record level of 12,497 points, up 219 points. Hindalco was the top metal index gainer rising up to 4.62% at 216.10 level after Birla group flagship Hindalco announced acquisition of American aluminium maker Aleris in a $2.58-billion leveraged deal through its overseas subsidiary Novelis that will help it diversify product offerings in the value-added products segment.
The BSE FMCG index too touched a new high of 11,091 level rising 245 level intra day.
VK Sharma, head, PCG and capital market strategy at HDFC Securities said, "The markets are at an all-time high because something very basic has happened in the last one week. The no-confidence motion moved against the government was defeated by a wider margin than expected. This has in one stroke killed the fears regarding the 2019 elections. The rest is the work of the short covering. We believe the markets are likely to improve to 11,400 before consolidation sets in."
Cigarette-to-soap maker ITC was the top Sensex gainer rising over 3% to a fresh 52-week high of 301.80 after the FMCG firm reported a 10.08 percent year-on-year (YoY) increase in net profit at Rs 2,819 crore for the first quarter in FY19.
Other Sensex gainers were Kotak Mahindra Bank (1.13%) and Hero MotoCorp (1.07%).
Top Sensex losers were YES Bank (1.50%), Adani Ports (0.86%) and ONGC (0.77%).
Banking stocks continued their rally for the second day with the BSE Bankex rising 207 points to 30,633 level. PNB (2.29%), ICICI Bank (1.78%) and Kotak Mahindra Bank (1.10%) were the top gainers on the index.
Bank Nifty too was up 172 points or 0.63% to 27,582 level.
Interestingly, FIIs poured in Rs 2,453 crore into equities in trade yesterday. Domestic institutional investors (DIIs) who have been credited with supporting the market for long withdrew Rs 2,716 crore from the Indian market.
The Biocon stock rose up to 8.5% or nearly 50 points to 606 level after the pharma firm reported a 47 per cent jump in net profit at Rs 120 crore for the quarter ended June 2018. The growth was led by strong performance of biologics and research services segments.
The Maruti Suzuki stock was trading 0.49% or 45 points lower at 9,351 level on the BSE.
The stock closed 3.70% or 361 points lower to 9396 level yesterday.
The auto maker reported a 26.91 per cent rise in standalone net profit to Rs 1,975.3 crore for the quarter ended June 30, up from Rs 1,556.4 crore in the corresponding period of the previous fiscal.
Ironically, the country's largest carmaker posted its highest profit growth in 18 months in the quarter under review yesterday.
Net profit came below analysts' estimates and proved to be a drag on the stock.
The company's sales during the period under review stood at Rs 21,810.7 crore. They were at Rs 19,374.1 crore in the year-ago period.
Meanwhile, the Bharti Airtel stock was trading higher in early trade after the telco posted a sequential rise of 17.37 per cent in its profit attributed to owners, which rose to Rs 97.3 crore for the quarter ended June 30, 2018. In the previous quarter, net profit stood at Rs 82.9 crore. The stock rose up to 4.48% to 373.5 level on the BSE .
Sensex heavyweight Reliance Industries was trading 1.45% or 16 points higher at 1126 level ahead of its Q1 earnings to be announced after market hours today.
Market breadth was positive with 993 stocks rising compared to 402 falling on the BSE. 56 stocks were unchanged.
Overseas, Asian stocks edged higher following a series of steps by China shifting to stimulus mode. Japan's Nikkei quoted 0.28 per cent higher, Hong Kong's Hang Seng gained 0.03 per cent in the early trade.
However, China's Shanghai composite index shed 0.06 per cent.
The Dow Jones Industrial Average ended 0.44 per cent higher yesterday.
Written and edited by Aseem Thapliyal