Sensex above 30,500, Nifty past 9,500: Markets hit new peaks on hopes of better monsoonhttps://indianexpress.com/article/business/market/sensex-above-30500-nifty-past-9500-markets-hit-new-peaks-on-hopes-of-better-monsoon-4659310/

Sensex above 30,500, Nifty past 9,500: Markets hit new peaks on hopes of better monsoon

The 50-share NSE Nifty too maintained its bull run and touched a new peak of 9,517.20.

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Earlier this week, the weather office said Southwest monsoon has covered the Nicobar Islands and the entire south Andaman Sea, three days ahead of its normal onset date.

Led by gains in financial and auto stocks, markets on Tuesday extended their record-setting streak, pushing the NSE Nifty index above 9,500 for the first time and the Sensex above 30,500 level amid improving prospects for a good monsoon.

The 30-share Sensex opened on a strong footing and zoomed to a new peak of 30,591.55, before winding up 260.48 points, or 0.86 per cent higher at 30,582.60, breaching its previous record close of 30,322.12 points reached yesterday. It also went past its previous intra-day record of 30,366.43 points hit on May 11.

The 50-share NSE Nifty too maintained its bull run and touched a new peak of 9,517.20. It finally settled 66.85 points, or 0.71 per cent higher at 9,512.25, surpassing its previous closing high of 9,445.40, recorded yesterday.

Earlier this week, the weather office said Southwest monsoon has covered the Nicobar Islands and the entire south Andaman Sea, three days ahead of its normal onset date. Encouraging quarterly earnings and upbeat global cues further fuelled the momentum, brokers said.

Vinod Nair, head of research, Geojit Financial Services, said, “The market has crossed another hurdle with a new high, given good corporate results and expectation of early arrival of monsoon which shredded off the worries over premium valuation. But the concern is that the non-performing sectors like telecom, IT & pharma stocks are also participating in the rally which may cause vulnerability in the
near term.”