- Market rally fails to dent bonds’ charm
The BSE Sensex hit record highs for the third consecutive session on Wednesday on the back of gains in blue-chip stocks. The benchmark index gains 0.51 percent to hit a record high of 22,875.17. The broader Nifty rises 0.68 percent to hit a life high of 6,861.60.
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Blue-chip stocks continue to gain with Oil and Natural Gas Corp up 1.6 percent, while capital goods stocks such as Larsen and Toubro climbs 1.4 percent, adding to its 1.8 percent gain on Tuesday. Bharat Heavy Electricals Ltd (BHEL) gains 2.01 percent.
Shares in third largest software exporter Wipro Ltd continue to trade lower for the third straight session after giving weak IT services outlook.
Overseas investors bought Indian shares worth of 1.63 billion rupees ($26.8 million) on Tuesday, provisional exchange data showed, continuing their buying spree for the third straight session.
Markets: early trade
Continuing its record-breaking spree, the benchmark BSE Sensex hit another lifetime high of 22,869.85 today as stocks of capital goods, IT, healthcare and auto sectors led the rally on capital inflows amid a firming trend overseas.
The NSE Nifty also maintained its rising trend by gaining 46.25 points, or 0.67 per cent, to hit a new all-time high of 6,861.60 points, surpassing its previous intra-day high of 6,838.00 touched in yesterday's trade.
Stock brokers said besides widespread buying by funds and retail investors on the back of encouraging Q4 earnings by bluechip companies, covering-up of pending outstanding short positions by speculators on the last session of April month expiry in the Derivatives segment, helped the key indices -- Sensex and Nifty - to continue their record-breaking spree.
Further, a mixed trend in other Asian markets and overnight gains in US markets on good earnings reports, influenced the trading sentiments here, they said.
Among other Asian markets, Japan's Nikkei gained 0.57 per cent, while Hong Kong's Hang Seng was down 0.61 per cent in early trade today.
The US Dow Jones Industrial Average ended 0.40 per cent higher in yesterday's trade.