Sensex hits 37,000 mark; Markets continue record run on robust quarterly earnings

The rupee rose by 13 paise to close at a new 1-week high of 68.66 against the US dollar on account of steady unwinding of the greenback by exporters.

By: ENS Economic Bureau | Mumbai | Updated: July 27, 2018 12:46:28 am
Share market, Sensex, Nifty, Stock market, rupee, BSE sensex, NSE nifty, Rupee vs dollar, Rupee value today, Indian express news Bank, power stocks climb; The Sensex has gained 507 points in the last four days. (Express Photo by Ganesh Shirsekar)

The Sensex on Thursday surpassed the 37,000-mark for the first time in history to touch a high of 37,061.62 in intra-day trading amid robust June quarter results and encouraging global cues. The Sensex finally ended 126.41 points, or 0.34 per cent higher at 36,984.64, breaking its previous record close of 36,858.23 reached on Wednesday.

The Sensex, which has gained 507 points in the last four days, took six months to reach the 37,000 level from 36,000. The index took just five trading sessions of “jaw-dropping” rally to hit the 36,000 level on January 24 this year from 35,000 recorded on January 17.

The NSE Nifty also hit a record intra-day high of 11,185.85, before finishing at a new peak of 11,167.30, up 35.30 points, or 0.32 per cent. It bettered its previous closing high of 11,134.30 reached on July 24.

The rupee rose by 13 paise to close at a fresh one-week high of 68.66 against the US dollar as steady unwinding of the greenback by exporters and banks helped the Indian currency to extend gains for the second day.

Analysts said strong liquidity in the market following unabated buying by domestic investors and better-than-expected first quarter earnings by some index pivotals boosted the market sentiment. Further, covering of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets. European markets rose after the US and the European Union agreed to iron out their trade dispute through negotiations.

“Better June quarter results from heavyweights and outperformance of PSU banks coupled with appreciation in rupee supported the main indices to touch another high. Additionally, the prospects of consumption story on the back of reduction in GST rates and good monsoon is restoring investors’ confidence in the market,” said Vinod Nair, head of research, Geojit Financial Services.

SBI was the biggest gainer in the Sensex pack, surging 5.62 per cent, followed by ICICI Bank at 4.08 per cent. Other winners were Power Grid 4.04 per cent, ONGC 1.98 per cent, Axis Bank 1.84 per cent, NTPC 1.66 per cent, Bharti Airtel 1.63 per cent, HDFC 1.17 per cent and Hero Motocorp 0.83 per cent, among others. However, Maruti Suzuki lost the most, slumping 3.70 per cent, following lower-than-expected results.

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