Domestic stock markets extended recent gains on Tuesday with the benchmark indexes clocking new record highs, a day after the weather office predicted average monsoon rains this year. The S&P BSE Sensex soared as much as 372.12 points to an all-time high of 39,277.96, and the NSE Nifty jumped 96.7 points to a record 11,787.05. The Sensex and Nifty surpassed their previous record highs of 39,270.14 and 11,761.00 registered on April 3. Advances in banking, financial services and metal stocks led the gains in markets.
At 12:35 pm, the Sensex traded 332.12 points higher at 39,237.96 and the Nifty was up 90.40 points at 11,780.75. Forty one stocks on the 50-scrip benchmark index traded in the positive zone at the time.
Top gainers on the Nifty50 were IndusInd Bank, ICICI Bank, Titan, Asian Paints, Hindalco and L&T, trading between 1.77 per cent and 2.80 per cent higher.
The India Meteorological Department (IMD) said on Monday that the country is likely to receive average monsoon rains this year. The statement raised expectations of higher farm and economic growth in the economy.
ICICI Bank, TCS and Reliance Industries were the top contributors to the gains on Sensex.
From the IT pack, Wipro shares were in focus ahead of the announcement of quarterly earnings by the company due in the day. The Wipro stock fell as much as 3.08 per cent in afternoon.
Equities in other Asian markets hovered below a nine-month high after disappointing bank earnings dented Wall Street, though recent signs that the global economy is likely to avoid a sharper downturn helped limit the losses. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning. Japan's Nikkei edged up 0.2 per cent.
Expectations that Chinese and US trade negotiators would strike a deal soon also lifted market confidence.
The domestic benchmark indexes were on course to clock a fourth consecutive session of gains. The Sensex had advanced 320.49 points, or 0.83 per cent, in the past three sessions.
(With inputs from Reuters)
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