Nifty crosses 9,400: Five reasons why
On Wednesday, Nifty 50 reached yet another milestone and closed at its highest level of 9,407.30 surging over 90 points or 0.97%.
Sameet Chavan Chief Analyst- Technical & Derivatives, Angel Broking said, "Finally, after two weeks of consolidation, the Nifty reached yet another milestone and has managed to close almost at the highest point ever. Now, if we meticulously observe the daily chart, a ‘Bullish Flag’ pattern is clearly visible."
He added, "Subsequently, this optimism accelerated as the day progressed and in the process, the Nifty registered a new record high beyond the 9400 mark. Barring nominal losses in IT and Realty sectors, all other sectoral indices contributed heavily in today’s rally."
Here's what moved the 51-stocks index
Best performers on Nifty had Bharti Airtel on top spot which surged over 8% intraday and ended at Rs 372.80 per piece.
Bharti Airtel witnessed consolidated net profit of Rs 373.4 crore, a decline of 71.7% compared to Rs 1,319 crore in the corresponding period of the previous year.
Other gainers were – Zee Entertainment at Rs 520.10 per piece up 4.93%, followed by Hindustan Unilever at Rs 995 per piece (4.51%), Aurobindo Pharma at Rs 619 per piece (4.15%) and Housing Development Finance Corp at Rs 1,570.70 per piece (3.10%).
All sectors barring IT surged on Nifty with most rally seen in automobile, FMCG, media, pharma and financial service stocks.
Nifty Auto closed at 10,303.90 above 1.44%, while Nifty Finance Service gained by 1.25% at 9,280.30-level.
Nifty FMCG stocks jumped by nearly 2% at 23,954.35, whereas Nifty Media finished at 3,170.15 higher by 2.25%. Nifty Pharma closed at 10,106.20 also up by 1.09%.
Sensex and Rupee:
Just like Nifty, Sensex too recorded a new high by ending the day up 1.05%, at 30,248.17 points.
Indian Rupee ended at 64.589 down 0.088 paise or 0.14% against dollar.
Higher Monsoon Forecast:
The India Meteorological Department (IMD) on Tuesday said that India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, raising prospects of higher farm and economic growth, reported in Reuters.
Following which, investors bought shares of many sectors like consumer goods, fertilisers and auto.
On April 18, 2017, the IMD stated for this year's monsoon is set to be normal. It said that monsoon rainfall may be 96% of the normal with an error margin of 5% on either side.
Asian Markets ended on higher note with Hong Kong and Japan showed gains. A Reuters report said, "U.S. President Donald Trump`s abrupt dismissal of FBI Director James Comey prompted some unwinding of risky bets in early Asian trading but strategists said investors were cheered by a strong slate of corporate earnings, reflecting the cyclical rebound in the first quarter of 2017 was still in place."
Japan's Nikkei 225 closed at 19,900.09 up 57.09 points or 0.29%, while Hong Kong's Hang Seng ended at 25,015.42 above 126.39 points or 0.51%.