CHENNAI: The stock markets continued on a roll on Tuesday with the benchmark Nifty index surging past the 9,300-point mark for the first time in its history.
The rise was fuelled primarily by a rally in the stock of Reliance Industries and other bluechip companies as fourth quarter results for many sectors, except IT, have been recorded at better-than-expected levels. Reliance Industries’ share price rose by 1.21 per cent to Rs 1,433.50 after it reported a record quarterly net profit of Rs 8,046 crore on Monday.
Positive cues from overseas markets, including the Asian ones, also added to the Nifty’s momentum on the day.
The Nifty closed the day 88.65 points higher at 9,306.60, breaking its previous record of 9,273.90 reached on April 5. Meanwhile, the BSE benchmark index Sensex rose 287.40 points to end at 29,943.24.
“While, there is not much growth expectation from March quarter; if market continues to go up – it means it has started to discount FY19 and FY20 earnings growth numbers with mid-teens growth,” said Kunj Bansal, executive director & CIO – equity, Centrum Wealth Management Ltd.