Stock Market Records Massive Boom, Better than Expected

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The sensex on 1st August 2018 spurted by 234.56 points or 0.62 % to hit a new high of 37,790.72, surpassing its previous record of 37,711.87 points. This is the highest hike in the life time of Stock Market. The 30 share sensex hit an all time high of 37,711.87 touched on August 1
. The NSE Nifty reached the 11,400 level in early trade and touched record intraday high of 11, 427.65 on gains in customer durables, PSU, metal and auto stocks. The 50 issue index finally closed higher by 26.30 points or 0.23 % at a historic high of 11,387.10, bettering its previous record close of 11, 360.80 hit recently.
As per the brokers fresh buying by Domestic Institutional investors (DII) and better than expected June quarter results from some blue chip companies boosted the investors sentiment. Axis Bank was the top gainer in the sensex pack, surging by 3.86 %. ICICI bank rose 3.36 %, SBI at 3.33 %, Yes bank at 1.32 %. Other banking stocks, Punjab national bank 2.15 %, Federal bank 1.66 %, Bank of Baroda 0.74 %, Bharti Airtel rose by 3.07 % after announced a strategic partnership with Telecom Egypt for global submarine cable systems.
Reliance industries rose further 1.25 %, continuing its winning runs after its stellar quarterly results and a favorable award from an arbitration panel in a gas row with the government. Auto stocks also posted gains with Hero Motocorp rising 1.72 %, M&M by 1.46 %, Maruti Suzuki by 1.08 %, Coal India with 1.56 %, Vedanta 0.97 %, NTPC 0.06 % and HDFC 0.06 %. Oil & Natural Gas Corporations (ONGC) rose by 1.44 % after Moody’s investors Service said the state owned firm’s highest ever pre tax quarterly profit provides cash flow to reduce borrowings. Analysis said a respite was seen in mid and small cap stocks as worst of earnings seem to be over and investors are gradually turning positive with a bottom up approach.

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