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Sensex Hits All-time High In Record-setting Spree

Shares continued their record-setting spree on Tuesday, hitting all-time highs for the third time in five sessions, as investors remained bullish about the prospects of a good monsoon

Photo Credit : Reuters

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Shares continued their record-setting spree on Tuesday (May 16), hitting all-time highs for the third time in five sessions, as investors remained bullish about the prospects of a good monsoon.

Monsoon rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of the schedule, a source from the weather office said on Tuesday.

India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, an official from the weather office had told Reuters last week.

Local shares also tracked gains in Asian peers, which hit two-year highs on the back of an overnight rise on Wall Street.

"If you see now, investors are bullish about the market since corporate earnings have been in line with expectations as well as the anticipation of good rains this year," said Rakesh Tarway, head of research at Reliance Securities.

The broader NSE Nifty was up 0.26 per cent at 9,469.5 as of 0551 GMT, while the benchmark BSE Sensex was 0.38 per cent higher at 30,438.16.

IT stocks were the top gainers with the Nifty IT index rising as much as 1.1 per cent. Tata Consultancy Services Ltd gained as much as 2.2 per cent, while Wipro Ltd rose up to 1.3 per cent.

Natco Pharma Ltd climbed as much as 3.1 per cent after the Reserve Bank of India raised the foreign investment limit in the company to 49 per cent from 31.5 per cent.

Among the losers, Sun TV Network Ltd and Astrazeneca Pharma India Ltd dropped up to 2 per cent each after US investment service provider MSCI removed the stocks from its MSCI Global Small Cap Index on Monday.

(Reuters)


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