Nifty breaches 7,400 for the first time in opening trade
The BSE Sensex and the NSE Nifty soared to hit new all—time high of 25,014.85 and 7,459.40 points, respectively in opening trade on Friday, on sustained fund inflows after trends suggesting that Bharatiya Janata Party was leading in 150 out of 285 seats.
The 30—share index, which had gained over 90 points to close at record—high on Thursday, zoomed to hit an all—time high of 25,014.85 by climbing 1,109.25 points, or 4.64 per cent.
All the sectoral indices, led by banking and consumer durables, were trading in the positive territory with gains up to 8 per cent.
The 50—share NSE Nifty also recorded its all—time high of 7,459.40 by rising 336.25 points, or 4.72 per cent.
Brokers said continued buying by foreign funds as well as retail investors driven by reports that the BJP was leading in 150 out of 285 seats lifted the key indices to new highs.
Besides, appreciating rupee which soared to a fresh 10—month high of 58.88 against the US dollar also had a positive impact, they said.
Among the 30—Sensex stocks —— SBI, HDFC Bank and ICICI Bank were the top performers during the initial trade with the banking index leading among the 13 BSE sectoral indices. It was up by 7.78 per cent to 17,554.70.
BJP was making impressive gains in the Lok Sabha elections with the party leading in 150 out of 285 seats for which trends were available across the country.
Among other Asian markets, Japan’s Nikkei fell 1.70 per cent, while Hong Kong’s Hang Seng shed 0.56 per cent in early trade today.
The US Dow Jones Industrial Average closed 1.01 per cent lower in on Thursday’s trade.