Nifty hits lifetime high; Rupee up 78 paise

Mumbai: Investor’s wealth increased by Rs 1.55 lakh crore on Tuesday amidst broad-based buying in domestic equities as a landslide victory enjoyed by the Bharatiya Janata Party in the recent state assembly polls renewed hopes about bolder reforms and stable policy environment going ahead.

The broader 50-share Nifty zoomed past all its key psychological resistance levels to hit a record high of 9,122 in the intra-day trade before ending the day at 9,087, its highest closing level, gaining 152.45 points or 1.71 per cent.


The 30-share Sensex vaulted 496.40 points or 1.71 per cent to close the session at 29,442.63, just 600 points shy of its all-time high of 30,025. However, the total market capitalisation of BSE-listed firms hit an all-time high of Rs 118.87 lakh crore.  

The positive momentum was also reflected in the foreign exchange market with the Rupee rallying to an 18-month high against the US dollar.

The partially convertible rupee appreciated 78 paise against the US dollar to end the session at 65.82 as against its previous sessions close of 66.60 per dollar.

While the equity valuations have become expensive, experts said the underlying sentiments remain bullish and investors would consider every dip in the market as a good opportunity to build long-term portfolio. “There are no major negative factors that could drag down the markets significantly. The major event that the global markets are looking forward to is the decision of the US Federal Reserve on interest rate hike. While the markets have already priced in a possible rate hike by the US Fed, the quantum of hike and guidance would influence the markets in the near term.  Since the underlying sentiments in the domestic markets are positive, any correction in the markets would be bought into,” said Siddharth Purohit, senior research analyst at Angel Broking.  

According to Deven Choksey, the Nifty is enjoying strong support at 8,700 levels and it could possibly rally to a record high of 9,900 level.


Trending News

Xiaomi pumps Rs 3,500 crore into India business

BlackBuck's out to raise $150M in new round, valuation likely to jump to $800 M

With $21 Billion, Azim Premji among world’s top philanthropists

Google agreed on a $45M exit package for India-origin exec accused of sex abuse

HSBC pegs Zomato's valuation at $3.6 billion ahead of Swiggy

PayU in talks to acquire online payments firm Wibmo for $60M

Quikr close to acquiring refurbished goods marketplace Zefo in all-stock deal

What life looks like after a layoff from an IT company

General Atlantic & Tencent pump in another Rs 80 Cr in ed-tech unicorn Byju's

US Senator Warren vows to break up Amazon, Facebook, Google

SoftBank extends tech reach with $5B Latin American fund

Coverfox hits the market to raise $50M in new financing round

Cognizant faces US lawsuit alleging discrimination

China's Huawei sues US over federal ban on using its products

Germany's Delivery Hero acquires Zomato's UAE biz, invests in India ops

Ahead of deadline, debate rages on e-commerce policy

Flipkart rejigs reporting of Myntra-Jabong head Amar Nagaram

Grofers raises fresh funds from existing investors, valuation hits $425M

Sachin Bansal invests Rs 250 Cr each in NBFCs Altico & IndoStar: Report

I-bank Wolet files $800k suit over Flipkart’s Upstream buy

Flipkart FY18 revenue up 50%, but losses grow 5x

Pine Labs in talks to acquire Amazon-backed Qwikcilver for $100M

India can become 2nd largest 5G market in 10 years: Huawei

Alibaba rival Pinduoduo seeks to raise $1.5B

Twitter Q4 revenue grows to $909M as video ad sales surge

Mukesh Ambani to invest $1.4B in West Bengal, will help e-commerce expansion

Etail may lose Rs 40,000 crore, retail to get a 3rd of it

Steadview Capital invests $74M in Ola valuing it at around $6B

Byju’s ups revenue to Rs 490 cr in FY 18, losses drop by half

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities