Sensex, Nifty Touch Fresh Record Highs

Markets were on cloud nine today as forecast of a normal monsoon triggered massive buying, lifting the benchmark Sensex and Nifty to their all-time closing highs.

The 30-share index rallied by 98.52 points, or 0.32 per cent, to hit a new peak of 30,346.69, breaking its previous record of 30,271.60 points (intra-day) touched in yesterday's trade.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) crossed the 9,400-mark for the first time ever to close at 9,407.30 points - up 90.45 points or 0.97 per cent.

On similar lines, the 50-share NSE Nifty gained 15.10 points or 0.16 per cent to 9,422.40 after scaling a fresh intra-day high of 9,450.65. Both the benchmark indices, Nifty and Sensex were trading flat throughout the day.

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The BSE market breadth was bullish - with 898 advances and 382 declines.

Banks also gained as investors pinned their hopes on easing bad loans in coming quarters after the government tweaked its laws last week to help tackle the record $150 billion in troubled bank debts.

Earlier in the week, the head of the country's weather office, forecast a higher monsoon rainfall as concerns over the El Nino weather condition eased, raising prospects of higher farm and economic growth. "European indices like FTSE 100 and DAX now traded in the positive trend and CAC 40 traded lower".

Meanwhile, after a gap of almost two weeks, the foreign institutional investors (FII) have turned net buyers in the Tuesday's trading session first time after April 25, 2017.

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Globally, Japan's Nikkei was up 1.80 per cent, while Hong Kong's Hang Seng rose 0.36 per cent in early trade today. All sectoral indices led by realty, consumer durables, metal, power and capital goods were trading in the positive terrain, rising up to 1.96 per cent.

Among the top gainers were Bharti Airtel, HDFC and Hindustan Unilever, while Wipro, Tata Consultancy Services, IDBI Bank, Biocon and ICICI Bank incurred losses.

Shanghai Composite Index, however, was down 0.25 per cent. The BSE Small-Cap index fell 0.05 per cent.

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