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Benchmark indices zoom to fresh highs on global cues

Tuesday, August 28, 2018

After a day's breather, the benchmark indices Sensex and Nifty resumed record-setting rally to scale new peaks and logged their best single-day gains in nearly five months, tracking positive global cues as investors took heart from the US Federal Reserve's "gradual approach" comments on monetary policy tightening.

The BSE Sensex surged over 442 points to close at its life-time high of 38,694.11 and the broader NSE Nifty ended at a fresh record of 11,691.95, rising 134.85 points. Both indices recorded their biggest single-day gains in nearly five months. On April 5 this year, the 30-share Sensex had rallied 577.73 points and the Nifty 50 had jumped 196.75 points.

Last week, US Federal Reserve Chairman Jerome Powell had said that a "gradual approach" to interest rate hikes would be in the best interest of the US economy and jobs generation, lifting Wall Street sentiment at the week's close.

Asian shares too ended higher and European markets were firm in their early deals, tracking Friday's gain in US stocks. Also, global markets reacted positively to the People's Bank of China announcement that it was tweaking its methodology for the fixing of the yuan's daily midpoint as part of efforts to stabilise the currency market.

"Market rallied to new high supported by positive global market followed by Fed's comment on gradual pace of rate hike which boosted investors sentiment. The rally was broad-based given the sense of improved outlook on account of revival in earnings growth. Despite high valuations, continued buying by FIIs and DIIs adding liquidity in the market," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

Buying momentum was so strong that all sectoral indices, except realty, ended in the positive terrain. The 30-scrip Sensex, after opening on a strong footing, continued its upward march to scale an all-time high of 38,736.88, breaking its previous (intra-day) record of 38,487.63 hit on August 23.

The NSE Nifty too breached the 11,700-mark for the first time to touch a new high of 11,700.95 before concluding 134.85 points, or 1.17%, higher at 11,691.95.

The gauge bettered its previous intra-day peak of 11,620.70 and closing high of 11,582.75, marked on August 23.

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