Sensex, Nifty close at record highs for fourth straight session

Market registered small gains in a range-bound trading session on Tuesday. The BSE Sensex rose 50.12 points at 31,159.40, while the Nifty 50 index rose 20 points to 9,624.55, as investors booked profits in the recent outperformers like ITC, while the arrival of monsoon rains kept the sentiment cheerful.

In the broader market, the BSE Mid-cap gained 0.8 percent, while the BSE Small-cap rose 0.5 percent to trade flat. The market breadth was in favour of declines as about 1,427 shares were declined and 1168 shares advanced on the BSE.

Mahindra & Mahindra rose 0.82 percent after its net profit surged 19.93 percent to Rs 725.16 cr. Hindalco Industries gained as much as 1.09 percent after company’s net profit rose 25.75 percent to Rs 503 crore. L&T was down 1.12 percent, while Bharat Heavy Electricals dipped 8.55% after it net profit dropped 57.38% to Rs 215.55 crore on 5.8% fall.

The fertilizer stocks have been picking momentum on the exchanges as India braces for the monsoon. The monsoon is expected to arrive over the Indian mainland on June 1 and on hopes of normal rainfall in the year 2017, investors are choosing to buy the fertilizer stocks.

Sensex closes at new lifetime high of 31109, Nifty above 9,600 pts

The benchmark BSE Sensex hit record high on Monday rising 81.07 points to close at 31,109.28. The NSE Nifty-50 Index gained  9.80 points  at 9,604.90. The Sensex settled above the psychological 31000 mark after alternately moving above and below that level until early afternoon trade. On the BSE,  there were 1,799 declines against  861 advances and a total of 191 shares were unchanged.
Market sentiment was risen by hopes of timely onset of southwest rainfalls  after IMD in on 29 May 2017 said that conditions are becoming favorable for further advance of southwest monsoon over Kerala and parts of north-eastern states around 30th to 31st May 2017.
Consumer goods stocks like Hindustan Unilever, Dabur India and ITC rallied up to 3 percent pushing the Nifty FMCG index higher by over 1 percent. Tech Mahindra hit more than 3 year low after posting a 33 percent fall in consolidated profit for the March-quarter. The stock ended at Rs 380, down 11 percent
Stocks of Healthcare were the biggest drag on the index, after Sun Pharma fell nearly 13.2% to around 4-year low after the company on Friday reported a 14 percent fall in March-quarter profit.  Stocks of Aurobindo Pharma lost 5.5% while Lupin Ltd was down as much as 2.9%. Meanwhile, mobile carrier Reliance Communications slumped 23.5 percent to a record low of Rs 19.70 after posting its second straight quarterly loss over the weekend on account of a price war in the sector.

Sensex, Nifty hit record high levels for first time ever

The key benchmark indices Sensex and Nifty surged on broad-based buying support. On closing, the BSE Sensex, up 278.18 points or 0.90 percent to 31,028.21, while the Nifty-50 rose 85.35 points or 0.90 percent to 9,595.10. The both indices hit their respective record high levels in late trade. The broader, BSE Mid-Cap rose 2.06 percent and the Small-Cap index rose 1.60 percent, both these indices outperformed the BSE Sensex.

Stocks of private sector banks, metals and auto stocks were the Nifty gainers, while pharma stocks continued to bleed on the back of sluggish outlook. HPCL and ITC gained on the back of positive earnings, while large caps like Reliance Industries contributed majorly to the market’s gain.

ITC rose 2.14% to Rs 306.10 after company’s net profit jumped 12.13% to Rs 2,669.47 cr. Reliance Industries surged 2.69% to Rs 1,338, hitting a high of and low of Rs 1,344 and Rs 1,301, respectively.

Sun Pharm lost 4.44% to Rs 565.55, while Metal shares rose. Jindal Steel & Power went up 5.57%, Tata Steel rose 5.57% Vedanta jumped 4.32%, Steel Authority of India went up 3.68% among others.

Asian stocks ended on a mixed note and most European stocks were trading lower as a slouch in crude prices spoiled global risk appetite.