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Smart rise in GDP pushes India's Sensex, Nifty to new peak


Photo - Bloomberg file

Mumbai: Riding high of the back of expansion in economic growth, the benchmark S&P BSE Sensex on Monday again rode to an all-time high and continued its north-bound journey for the seventh straight session to end up by over 229 points at 26,867.55 while the CNX Nifty crossed 8,000-mark for the first time in the history to settle higher by 73 points at 8,027.70.

Propped up by smart progress in country's gross domestic product (GDP) to 5.7 per cent for the April-June quarter — highest in the past two-and-half years — from 4.7 per cent for the same period in the last fiscal, according to data released late last Friday by the Central Statistics Office (CSO), the market continued its record breaking spree on buying as operators preferred to go long on the first day of September series.

The market also got a boost after Prime Minister Narendra Modi on Monday promised to remove roadblocks to foreign investment and said that economy is out of difficult situation and more reforms in offing.

Besides S&P BSE FMCG, rest other 11 sectoral indices ended higher between 0.18 per cent and 2.79 per cent with Metal, Capital Goods, Realty, Power and banking sectors taking the lead.

The 30-share barometer, Sensex, resumed strong in line with positive cues from Asian markets and rallied further to an intra-day historic peak of 26,900.30 before concluding at 26,867.55 — also new closing high — showing a rise of 229.44 points or 0.86 per cent.
In straight seventh session, it has flared up by 553.22 points or 2.10 per cent. In last five trading days in a row, the sensex is registering its new closing peak.

Similarly, the broader CNX Nifty of the NSE also logged new intra-day high of 8,035.00 before recording fresh closing peak of 8,027.70, a net gain of 73.35 points or 0.92 per cent.

Rupee softens
In a listless trade on Monday, the rupee softened further by three paise to close at 60.53 against the Greenback following sustained dollar demand from importers and firm USD overseas, extending losses for the third straight trading session.

Fresh capital outflows too weighed on the rupee while bullish local equities restricted the fall to a major extent, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced slightly lower at 60.52 a dollar from last weekend's close of 60.50 and was trapped in a narrow range of 60.4250 and 60.55 before settling at 60.53, revealing a fall of three paise or 0.05 per cent.

The Indian benchmark index on Monday zoomed by 229.44 points or 0.86 per cent, completing long seven-session of gaining string.

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