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Expectations of Modi Govt Coming Back Makes Sensex Hit Record High of 39K

Author : Prasant K. Sahoo | Posted on: 2019-04-01

With the prediction of almost all pre-poll surveys of coming back of Narendra Modi govt to power at centre, the BSE Sensex made a record high today crossing the 39,000 mark for the first time, extending the market rally. After a big rally in March, Indian markets extended gains today, hitting new milestones. The Sensex saw a bull run over 350 points to hit 39,000 for the first time, overtaking its earlier all-time high of 38,989, hit in August last year. The broader Nifty also advanced to 11,715, less than 50 points away from its all-time high of 11,760. This week marks the beginning of a new financial year and all eyes are set on the Lok Sabha elections scheduled to be held in seven phases, beginning April 11.

 

Meanwhile, gains in the market were led by metal, IT and banking stocks. Among the Nifty 50 stocks, Hindalco was the top gainer, followed by Tata Motors and Vedanta which rose over 45 each. Tata Steel, Wipro, L&T, Maruti Suzuki, HCL Tech, ICICI Bank, Bharti Airtel were the other top gainers in the index rising.

 

The gains were broad-based today, with most of the sectoral indices, barring energy, were in the green.  The initial public offer (IPO) of the country’s first real estate investment trust (REIT), which was open from 18-20 March, was subscribed 2.58 times.

 

India’s capital market is likely to continue its outperformance among emerging markets due to strong inflows from foreign institutional investors, expectation of revival in earnings growth and political stability. “The pre-poll rally is quite strong and is here to stay for some more time. Broader markets will try to catch-up with the frontline stocks which will continue to show their strength," said Umesh Mehta, head of research at SAMCO Securities.

 

Market analysts expect that the Reserve Bank of India will add to its surprise February rate cut this week to boost growth. According to the median estimate in Bloomberg survey, economists expect the central bank to lower the benchmark repo rate by 25 basis points to 6%. The RBI's interest rate decision is scheduled to be announced on April 4.

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