Live Markets Commentary
Sify Editors @ 3:30 PM
Sensex, Nifty mount new peaks, investors bullish on robust earnings
Amidst cross-border tensions with Pakistan and geo-political worries, the Indian equity markets closed the week's trade in a celebratory mood, with the benchmark BSE Sensex and NSE Nifty touching fresh record highs of 31,000 and 9,600 points respectively.
Markets observers opined that robust corporate results, rupee appreciation and expectations of further economic reforms from the central government accelerated the ongoing market rally.
Besides, sentiments were buoyed by stellar investments by foreign portfolio investors (FPI) and healthy roll-overs seen on the expiry of the May 2017 series contracts in the futures and options (F&O) segment to June 2017 series.
On Friday, the 30-scrip Sensitive Index (Sensex) of the BSE crossed the 31,000 mark for the first time in its history to close at a new high of 31,028.21 points -- up 563.29 points or 1.85 per cent from its previous week's close.
The wider 51-scrip NSE Nifty, too, surged and touched the 9,600-mark. The index ended at a new high of 9,595.10 points -- up 167.2 points or 1.77 per cent from it's last week's close.
The Sensex touched a new 52-week high of 31,074.07 points and Nifty that of 9,604.90 points during the week ended May 26.
According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, domestic market participants looked a little nervous following the flaring up of tensions with Pakistan.
"The reports against the (US President Donald) Trump administration on collusion with Russia also dented the confidence of the market participants," Aggarwal pointed out.
"However, buoyant global markets and robust corporate outlook and a strong rupee lifted the sentiments of the market participants on Thursday," he added.