With bulls tightening their grip, the National Stock Exchange’s (NSE’s) Nifty closed above the 9,900 level for the first time and the Sensex set a fresh life high on Monday amid optimism about corporate earnings. Reliance Industries (RIL) attained a market valuation of over Rs 5 lakh crore, becoming the second company after TCS to achieve this milestone.
The 30-share Sensex jumped further to set a life-time high of 32,131.92, before ending 54.03 points higher, or 0.17 per cent, at a new record 32,074.78. It broke its previous life high of 32,037.38, hit on July 13. The 50-share index ended above the 9,900 level for the first time by surging 29.60 points, or 0.30 per cent, at new peak of 9,915.95, surpassing its previous closing high of 9,891.70 hit on July 13.
According to dealers, most Asian shares ruled firm, picking up cues from stronger-than-expected economic growth in China and expectations that the US Federal Reserve will tread with care in tightening its policy, given lacklustre data, which led to a record close in the US on Friday. Investors were optimistic that blue-chip companies might post encouraging first quarter numbers in coming days. On top of it, monsoon progress so far has been above-normal.
“Start of Parliament’s Monsoon Session and anticipations of any updates on the banking sector pushed Nifty within striking distance of 10,000. Investors look less daunted by psychological mark as earnings season has encouraged a stock specific approach,” said Anand James, chief market strategist, Geojit Financial Services.
Meanwhile, the market capitalisation of RIL stood at Rs 5,04,458.09 crore, making it the most valued company in the country. Shares of the company rose by 1.33 per cent to settle at Rs 1,551.35 on the BSE. During the day, it gained 1.81 per cent to Rs 1,558.80, its multi-year high level. At the NSE, shares of the company went up by 1.1 per cent to close at Rs 1,551.75. The company’s market valuation advanced by Rs 6,672.09 crore to Rs 5,04,458.09 crore.