Rupee Rises To 20-Month High Against Dollar, Sensex Makes History

Indian stock markets extended their record run today with Sensex rising over 200 points to hit an all-time high of 30,146.54 and Nifty moving above 9,350 levels amid a global rally. The rupee also strengthened against the dollar as a string of strong quarterly results including from Reliance Industries Ltd and positive global cues boosted the sentiment. The rupee ended 20-month high at 64.11 against the dollar today, compared to its Tuesday's close of 64.26. Sentiment was also bolstered as Asian markets hit multi-year highs amid optimism over global economy.

Here are 10 updates:

1) Indian stock markets have been on a tear this year, making it one of the best performing markets in the world. The Sensex has surged nearly 13 per cent this year amid strong inflows from global as well as domestic investors.

2) The rupee has also gained nearly 6 per cent year-to-date against the dollar amid strong overseas inflows and optimism over further economic reforms after BJP's landslide win in UP elections.

Also Read: Nifty Extends Record Run. Should You Enter Now Or Wait For Correction?

3) Foreign investors have so far this year poured in over Rs 40,000 crore (net) in domestic equity markets while domestic institutional investors have put in over Rs 15,000 crore.

4) Asian stocks extended gains for a fifth straight day on Wednesday as Wall Street hit new peaks. A strong finish to US markets was the main driver. The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America.

5) Also, fanning the global rally were reports that US President Donald Trump's tax reform proposals, due to be announced on Wednesday, would include a slashing of the corporate tax rate and lower taxes on offshore earnings stockpiled by US companies overseas.

6) Global stock markets have also been boosted after business-friendly centrist Emmanuel Macron won the first round of the French vote on Sunday.

7) "Global markets have been very positive on news from the French election," said Tirthankar Patnaik, India strategist, Mizuho Bank. Domestic quarterly results have also been decent so far, adding to the optimism in the market, he said.

8) Analysts said Nifty could be headed even higher after breaking out of the 9,000-9,250 range.

9) Among Nifty50 stocks, 25 shares ended higher while 26 closed in the red. Mahindra & Mahindra was the top gainer in the Nifty with 3.46 per cent gains followed by ITC, which surged 3.41 per cent. Hindalco, HDFC and Hindustan Unilever were the other major gainers in the Nifty rising between 1.8-2.8 per cent. On the other hand, Tech Mahindra was the top loser in Nifty falling 2.53 per cent. HCL Tech, Adani Ports & SEZ, Bharti Infratel and Infosys were the other major losers in Nifty falling between 1.5-2.5 per cent.

10) Finally, Sensex closed 190.11 points or 0.63 per cent higher at 30,133.35 and the Nifty settled at 9,351.85, up 45.25 points or 0.48 per cent.