Bull run: Sensex, Nifty at new peak

Bombay Stock Exchange celebrated after the Sensex index rose over 30,000 in Mumbai on April 26, 2017. Photograph:( Reuters )

Reuters Mumbai, Maharashtra, India May 10, 2017, 11.39 AM (IST)

Indian shares hit a record high on Wednesday as shares of consumer goods and agriculture-dependent companies rallied after the country's weather office forecast a higher monsoon rainfall than previously expected.

The benchmark BSE Sensex gained as much as 0.91 per cent to 30,207.13, its highest ever.

The chief of the country's state-run India Meteorological Department on Tuesday said India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition had eased.

The broader NSE Nifty rose as much as 0.81 per cent to a record high of 9,392.50, surpassing its previous milestone recorded on May 05.

The Nifty breached the 9,400 level for the first time as consumer stocks rallied, heavyweight Bharti Airtel surged after reporting strong subscriber growth. 

The markets have been responding to positive sentiment in the last few days, the International Monetary Fund on Monday had said India’s growth is expected to rebound to 7.2% in the 2017-18 fiscal and 7.7% in 2018-19 after disruptions caused by demonetisation.

The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the International Monetary Fund (IMF) said in its regional economic outlook.

Also Read: India likely to receive higher rainfall than previously forecast: Meteorological Department

(Wion with Reuters input)

 

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