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Sensex races past 30,000 mark to hit record high amid global rally

LiveMint logoLiveMint 26-04-2017 Ami Shah

Mumbai: The benchmark Sensex index crossed the 30,000 mark for the first time ever on Wednesday to hit a record high, driven by an upbeat sentiment in the global markets, on the back of robust US corporate earnings and a centrist victory in the first round of the French presidential election.

At 10:37 am, BSE’s 30-share Sensex rose 0.56% or 168.58 points higher at 30,111.82 points, while National Stock Exchange’s 50-share Nifty was up 0.54% or 49.85 points at 9,356.45 points.

Earlier, Sensex rose as much as 0.59% or 175.62 points to reach 30,118.86, to hit the highest level ever first time in intraday trade, while Nifty rose 0.55% or 50.95 points to 9357.55, a record high as well.

“Valuations are definitely expensive, but there is adequate liquidity which will keep the market irrationally upbeat for a while,” said Dipen Shah, head of private client group research at Kotak Securities Ltd.

“Investors’ job is much tougher than before to identify the right value picks in this soaring market,” added Shah.

So far this year, foreign institutional investors (FIIs) have bought a net of $6.49 billion, while domestic institutional investors (DII) have bought a net Rs7,606.92 crore in equities.

In Wednesday’s trade, market breadth was positive with gainers beating losers in the ratio of 1.6:1.

Shares of Wipro Ltd were up 0.56% to Rs497.30 at 10.41 am, after it reported a strong set of fourth-quarter earnings that beat street estimates to end a year in which India’s three largest services firms lagged behind the industry’s average growth pace.

Financials contributed the most to Sensex’s gains, with Housing Development Finance Corp. Ltd and HDFC Bank Ltd leading the pack. They were up 1.02% and 0.34%, respectively, at 10.42am

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