Markets are gaining momentum ahead of the second round of French elections and betting big on the Centrist Emmanuel Macron. And these sentiments are fueled by performance of Reliance Industries and other bluechips, lifting the Nifty indices to 9300 mark and Sensex by 287 points.
On Monday Reliance Industries reported a 12.3 per cent rise in its March quarter net profit, for its gain on petrochemical margins. Its consolidated net profit in January-March quarter stands at Rs 8,046 crore, which is 12.3 per cent higher than Rs 7,167 crore net profit in the same period in 2016. Reliance Jio’s performance in terms of its numbers has also contributed to this uptick.
Alongside this, the performance of companies such as M&M, Bharti Airtel, Hero MotoCorp, Asian Paints, Power Grid, ITC Ltd, HUL, ICICI Bank and HDFC Ltd has bolstered the indices. Nifty50 rose to an all-time high of 9,299 earlier on Tuesday, surpassing the previous peak recorded on April 5.
Meanwhile, the rupee is trading over two-week high against US dollar. It was pegged at 64.44 on Monday, the highest since April 13 when it recorded 64.2750 per dollar.
Nifty Bank also followed the suit crossing the 22,000 mark led by gains in Punjab National Bank, Bank of Baroda, Federal Bank and IndusInd Bank. Telecom and energy stocks were among the top gainers on the BSE index. Bharti Airtel rose over 3% while BPCL, IOC advanced 2.8% each.
Globally, Japan’s Nikkei surged 1.90 per cent, Hong Kong’s Hang Seng rose 1.31 per cent, while Shanghai Composite Index gained 0.16 per cent. In Europe, London’s FTSE rose 0.22 per cent, Paris CAC 40 gained 0.18 per cent and Frankfurt’s DAX inched up 0.03 per cent in early deals.
(With inputs from PTI)