The Indian equity closed at record high on the first session of financial year 2018-19, driven by strong rally in index heavyweights such as Reliance Industries, Larsen & Toubro, Dr. Reddy’s Lab, ICICI Bank and GAIL, tracking firm cues from fellow Asian peers. The market witnessed hefty buying in final hour of day’s trade amid rising hopes that GST bills scheduled for discussion this week in Rajya Sabha will get passed soon. Investors were also buoyed by higher-than-expected GDP growth estimates by the finance minister, who pegged India’s GDP growth at 7.2 per cent in 2017 and 7.7 per cent in 2018. Index heavyweight, Reliance Industries jumped nearly 4 per cent, hitting record 9-years high, after its telecom arm, Reliance Jio, becomes largest broadband provider with 72 million users.
The 30-share barometer index of Bombay Stock Exchange, Sensex closed at 29910.22, up by 289.72 points or by 0.98 per cent, and the NSE Nifty ended at 9237.85, up by 64.1 points or by 0.7 per cent.
On the economy front, India’s manufacturing sector gathered pace and touched a five-month high in March amid stronger rise in production and new business orders, while inflation rates also softened, says a Nikkei survey on Monday. The Nikkei India Manufacturing PMI — a composite single-figure indicator of manufacturing performance — rose to 52.5 in March from 50.7 in February, logging a five-month high, indicating improvement in manufacturing business conditions of the country to a greater extent. A figure above 50 represents expansion while one below means contraction.
During the day’s trade, the BSE Sensex touched intraday high of 29926.94 and intraday low of 29705.72, while the NSE Nifty touched intraday high of 9245.35 and intraday low of 9192.4.
The top gainers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 1660.65,+5.26%), Dr. Reddy’s Laboratories Ltd. (Rs. 2746.20,+4.32%), Reliance Industries Ltd. (Rs. 1371.20,+3.94%), ICICI Bank Ltd. (Rs. 286.75,+3.48%), GAIL (India) Ltd. (Rs. 385.05,+2.28%), among others.
On the flip side, Bharti Airtel Ltd. (Rs. 341.65,-2.37%), Wipro Ltd. (Rs. 507.10,-1.60%), Infosys Ltd. (Rs. 1009.45,-1.11%), Bajaj Auto Ltd. (Rs. 2783.05,-0.87%), Tata Consultancy Services Ltd. (Rs. 2413.30,-0.73%), were among top losers on BSE.
On the sectoral front, capital goods and healthcare stocks emerged as top gainers, adding as much as 3.47 per cent and 1.05 per cent, respectively.
The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 3234, shares advanced were 2193 while 890 shares declined and 151 were unchanged.