- BSE Sensex hit 31,000 for the first time today
- Nifty scaled above 9,600 for the first time today
- Sentiments were upbeat on reports that monsoon has hit Kerala coast
Renewed buying interest came after the markets went through a brief phase of consolidation wherein the mid-cap index plunged over 8 per cent and the small-cap index tanked over 7 per cent.
In the intraday deals, the Sensex rose as much as 324 points to hit record high of 31,074 and Nifty rallied 95 points to 9,605.
AK Prabhakar, head of research at IDBI Capital Markets and Securities, says today's move is continuation of yesterday's 450 point rally in the Sensex.
On the sectoral front, metal shares witnessed good buying interest. The BSE metal index on the BSE was the top gainer, up nearly 3.4 per cent on the back of gains in Tata Steel, Hindalco, Vedanta, SAIL India, Jindal Steel, JSW Steel and NALCO, up 3-6 per cent each.
Edelweiss Securities expects non-ferrous companies to sustain earnings momentum on higher base metal prices and operating leverage benefits.
Auto, capital goods, power, oil & gas and banking shares also witnessed buying interest in trade today.
From the Nifty basket of shares, 36 ended higher while 15 closed lower. Reliance Industries, Yes Bank, Tata Motors, Infosys, Larsen & Toubro, HDFC and Eicher Motors were among the top gainers. On the other hand, Indian Oil, Sun Pharma, Cipla and Lupin were among the notable laggards.
The broader markets also saw buying interest as BSE mid-cap index closed 2 per cent higher and the small-cap index rose 1.6 per cent each.
The overall market breadth was extremely bullish as 1,821 shares ended higher while 845 closed lower on the BSE.
The Sensex ended 278 points higher at 31,028 and Nifty rose 85 points to settle at 9,595.