Sensex makes history, closes at all-time high after scaling 30,000 mark | business-news | Hindustan Times
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Sensex makes history, closes at all-time high after scaling 30,000 mark

The benchmark Sensex closed up 0.21% at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015. This was the Sensex’s highest-ever closing.

business Updated: Apr 05, 2017 17:37 IST
Raj Kumar Ray
Sensex
(HT photo)

Indian share benchmark Sensex breached the 30,000-mark in intra-day trade before closing at an all-time high on Wednesday on positive Asian cues and as heavy-weights Reliance, Maruti and Adani gained.

The Nifty ended 0.3% higher at 9,265.15. Earlier in the day the index hit 9273.9, its highest ever.

Shares were helped up by a rally in auto and realty stocks ahead of the RBI policy review and the debate in Rajya Sabha on four crucial bills needed for rolling out the Good and State Tax.

The benchmark Sensex closed up 0.21% at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015. This was the Sensex’s highest-ever closing.

Adani Ports led the Sensex chart gaining 4.5% followed Maruti Suzuki 4.4%, Reliance 3.2%, L&T 2.2% and Hindustan Unilever 1.8%.

Adani gained after its controversial Carmichael coal and mine project in Australia has received approval for a water licence from Queensland state government, a “milestone” in the approval process for the $21.7 billion project.

Investor sentiments are buoyed by massive foreign fund inflows coupled with persistent buying by retail investors following the release of the Nikkei India Manufacturing PMI on Friday, which increased to a five-month high of 52.5 in March from 50.7 in February.

Earlier, Asian markets closed higher with Japan’s Nikkei ending up 0.3%, Hong Kong’s Hang Seng was up by 0.6% and the Shanghai Composite Index gained 1.5%. European shares also traded in green with FTSE-100 and CAC-40 up 0.1% each.

The US Dow Jones Industrial Average ended 0.19 per cent higher in Tuesday’s trade.

Indian bourses have tracked a global stocks rally over the past year, and have outperformed its peers in the BRICS bloc of nations.

The optimism arises from a synchronised improvement in economic activity taking place not just in the United States but across the world.

Another factor helping up Indian share prices is the additional liquidity in the banking system after the November 8 demonetisation of 500-and 1000-rupee bills as investors picked up mutual funds, insurance and pension funds.