NEW DELHI: The season of record highs is back on D-Street.
Benchmark indices Sensex and Nifty hit fresh record highs on Wednesday within half hour of opening trade led by gains in banking and auto stocks.
Hopes of a possible rate cut by the RBI along with firm cues from the global markets kept market buoyant today.The mood was further bolstered by strengthening rupee which was trading 13 paise higher in the following sustained inflows by foreign institutional investors.The euphoria sustained even as The Asian Development Bank downgraded economic growth forecasts for India and Southeast Asia for 2019.
ADBs latest Asian Development Outlook report said GDP in India will probably increase 7.2 per cent this year, down from a December forecast of 7.6 per cent.At around 9:30 am, the BSE sensex was up 168.80 points, or 0.43 per cent at 39,225.45.
While NSE Nifty rallied 43.65 points, or 0.37 per cent at 11,756.85.Among Nifty stocks, 32 stocks advanced while 18 declined.In the Sensex pack, 23 stocks traded in the green while seven in the red.
Tata Steel topped the leaderboard surging, 1.61 per cent, as SP Global Ratings revised Tata Steels outlook to positive on expectations of stable steel prices, reduced chances of acquiring bankrupt Bhushan Power Steel and the divestment of its low margin European business.The index made merry led by strong contribution from banking stocks such as HDFC Bank, Kotak Bank, IndusInd Bank and SBI.
The major drags were Infosys and HUL.Furthermore, BSE Midcap and BSE Smallcap too rose in line with benchmark Sensex, rising 0.50 per cent and 0.45 per cent, respectively.On the BSE sectoral front, barring IT, Oil Gas and Teck all other sectors showed bullish mood.
Consumer Durables was the biggest gainer, up 1.09 per cent led by Rajesh Expo, Titan and Voltas.Meanwhile, Foreign portfolio investors (FPIs) bought Rs 543.36 crore worth of domestic stocks on Tuesday, data available with NSE suggested.
DIIs were net sellers to the tune of Rs 437.70 crore, data suggested.