INSUBCONTINENT EXCLUSIVE:
Benchmark equity indices BSE Sensex and NSE Nifty scaled their fresh lifetime highs of 38,321.95 and 11,562.95, respectively, on
Monday.
Buying in index heavyweights including Larsen Toubro, Reliance Industries and financial stocks supported the bulls.
At 2 pm, the
30-share Sensex was trading 353 points at 38,301, while the NSE Nifty was at 11,554, up by 85 points.
Here are five key reasons that fuelled
the rally on Dalal Street today:
Easing trade war tensionsSustained global markets aided benchmark equity indices back home
The US markets ended higher on Friday, as optimism that the US and China will eventually resolve their trade standoff offset fears about
Dow Jones Industrial Average index closed 0.43 per cent up at 25,669.32 on Friday.
Asian peers including Hang Seng and Shanghai index were
stood at a record Rs 10.03 lakh crore during 2017-18
It also said during 2017-18, a record number of 6.92 crore I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed
in 2016-17.
Gain in rupeeSome recovery in the local currency also cheered market sentiment
The rupee recovered from all-time low by rising 53 paise to 69.63 against the US dollar at around 2 pm on Monday on fresh selling of the
greenback by exporters and banks ahead of US-China trade talks this week.
Comeback by FPIs Foreign investors have pumped in over Rs 7,500
crore into the domestic capital markets so far this month on better corporate earnings coupled with improvement in crude oil prices.
The
latest inflow comes following a net infusion of over Rs 2,300 crore in the capital markets, both equity and debt, last month
Prior to that, overseas investors had pulled out over Rs 61,000 crore during April-June.
Selective buyingLarsen and Toubro contributed
around 100 points in the BSE Sensex rally on Monday till 2 pm (IST).
Other heavyweights including Reliance Industries, HDFC, HDFC Bank, Tata
Motors and ONGC added up to 70 points in the 30-share index.
Shares of Larsen Toubro rallied more than 6 per cent in morning trade on the
bourses after the company said its board will meet on August 23 to consider a proposal for buyback of equity shares.
