Markets hit new closing peaks

Sensex gains 135.70 pts to close at 31,273; Nifty finishes 37.40 pts up at 9,653

By: ENS Economic Bureau | Mumbai | Updated: June 3, 2017 2:39 am
sensex. nifty, sensex high, sensex up, stock market, market, market news, business news, indian express news, india news The Sensex resumed higher at 31,205.37 and hovered between all time high of 31,332.56 and 31,190.40 before closing at 31,273.29.

Led by automobile and pharmaceutical shares, the Sensex and the Nifty on Friday hit new closing highs on renewed buying support by investors ahead of the Reserve Bank of India (RBI) policy next week.

The Sensex resumed higher at 31,205.37 and hovered between all time high of 31,332.56 and 31,190.40 before closing at 31,273.29, showing a gain of 135.70 points, or 0.44 per cent. The broader 50-scrip NSE Nifty after moving between 9,673.50 and 9,637.45, finished at 9,653.50, up 37.40 points, or 0.39 per cent.

Vinod Nair, head of research, Geojit Financial Services, said: “Even though the valuation is high, strong liquidity in the market is searching for economic and earnings growth in FY18. Auto stocks took the lead with positive sales figures in the month of May, given the optimism on good monsoon and change in preference to new emission norms vehicles. Investors are accumulating pharma stocks on account of lower valuations and expectations of better trade relationship with the European and the Russian markets after Modi’s recent visit. Moreover, global cues are also positive ahead of US employment and payroll data today (on Friday).”

“With global markets pushing ahead, enthused by strengthening US jobs market, and also due to prospects of European rate hike, Indian stocks also continued to march ahead. Pharma, one of the main laggards during this year’s rally was also seen rising on FDA positivity. US non-farm payrolls data later in the day would be watched, but all eyes are now on RBI rate decision next week, especially with soft GDP numbers raising the decibel for rate cut calls,” said an analyst.

In the auto space, shares of country’s largest two-wheeler maker Hero MotoCorp emerged the top gainer by climbing 2.82 per cent to Rs 3,840 apiece after the company posted a 8.7 per cent rise in sales in May. Besides, pharma stocks contributed a big deal, with shares of Cipla, Dr Reddy, Lupin and Sun Pharma rising in the range of 1.24 per cent to 2.63 per cent.

Rupee zooms to 1-week high

Mumbai: The rupee on Friday rose 4 paise to one-week high of 64.44 against the US dollar on sustained selling of the American currency by exporters. Despite bullish dollar sentiment overseas ahead of key US macro data release, the domestic unit showed strength, largely helped by robust capital inflows into equity and debt markets. ENS

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