Healthy macros, global cues lift equity markets to record highs

Mumbai, May 16 (IANS) Healthy macro-economic data coupled with positive global cues lifted the Indian equity markets to touch record intra-highs during the morning trade session on Tuesday.

"Healthy macros, prediction of a normal monsoon and the news over EFPO increasing its equity investment limits has led to the continuation of this rise," Anand James, Chief Market Strategist of Geojit Financial Services, told IANS

According to market observers, healthy buying was witnessed in consumer durables, automobile and banking stocks.

"Investors holding back stocks in anticipation of further rise in prices coupled with corporate results news led to the rise during the morning trade session," Deepak Jasani, Head (Retail Research), HDFC Securities, told IANS.

The 30-scrip Sensitive Index (Sensex) of the BSE gained by 128.57 points or 0.42 per cent, while the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 26.85 points or 0.28 per cent to 9,472.25 points.

The Sensex of the BSE, which opened at 30,391.48 points, was trading at 30,450.69 points (at 10.30 a.m.), higher by 128.57 points or 0.42 per cent from the previous day's close at 30,322.12 points.

The Sensex touched a high of 30,518.78 points and a low of 30,363.37 points during the intra-day trade so far.

On May 11, the benchmark indices had touched record intra-day highs, as well as new 52-week highs. The Nifty scaled a new intra-day high of 9,450.65 points and the BSE Sensex of 30,366.43 points.

Sector-wise, the S&P BSE consumer durables index augmented by 107.04 points, followed by the IT index by 100.2 points and the technology, entertainment and media (Teck) index by 57.44 points.