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Equity markets hit new highs on Tuesday, celebrating three years of the Modi government at the Centre. The buoyant mood in global markets and the forecast of monsoons arriving on the southern coast two days ahead of schedule also fuelled bullish sentiments.
Double-digit growth in exports for the third consecutive month, better-than-expected quarterly earnings, a decline in retail inflation and a higher index of industrial production also added to the celebratory mood.
The CNX Nifty closed above 9,500 for the first time, while the S&P BSE Sensex hit a fresh intra-day high of 30,591.55, helped by a rally in shares of public sector banks, automobile and FMCG companies. The rally was broad based as the Nifty Midcap hit a fresh high of 18,511.55. On the BSE, 1,435 stocks rose, while 1,344 fell. More than 100 stocks touched new 52-week highs.
“News around the EPFO’s plan to invest ₹18,000 crore or 15 per cent of its incremental corpus in stocks in FY18 also led to a further upside,” said a market analyst.
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