Continuing their record setting spree, the NSE Nifty breached the 8,000-mark for the first time ever and BSE Sensex logged a new peak on the back of positive economic growth data for the April-June quarter.
The Nifty breached 8,000-mark for first time to close at record close of 8,027.70 while the BSE Sensex ended 229.44 points higher at new record high of 26,867.55.
The economy grew at its fastest pace in more than 2 years in June quarter. The GDP grew at 5.7%, data released on Friday showed.
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Experts believe corporate earnings are likely to double over the next 4 years. “Near term, our view is that the Indian equity market would be range bound and may correct around 5% over next 2 months. However, we continue to be bullish on the Indian market and believe that buying on dips is a particularly compelling strategy. Our bullishness is driven by our view that the earnings have turned the corner and we will see earnings doubling over the next 4 years. We think market returns could mirror earnings growth,” BofA-ML said in a note.
In the previous six sessions, the gauge has rallied by 323.96 points.
Among sectoral indices, the BSE Capital Goods (1.96%), BSE Consumer Durables (1.84%) and BSE Metal (1.34%) were trading in the green. Among individual stocks, L&T (2.62%), Hero Motocorp (2.57%) and GAIL (2.30%) were among the major gainers.
Larsen & Toubro, Hindalco, State Bank of India (SBI), Maruti Suzuki India, ICICI Bank, Reliance Ind, HeroMoto, Bharti Airtel, Dr Reddy, Bajaj Auto, Coal India, Tata Motors, Tata Consultancy Services (TCS), Tata Steel, Infosys and Wipro were among prominent gainers that supported the indices to hit record highs.
Among other Asian markets, Hong Kong’s Hang Seng shed 0.15 per cent, while Japan’s Nikkei gained 0.19 per cent in early trade today.