Market logs a new record high on lower inflation, funds rush

Sensex closes at record high above 30,000
Markets gain further ground; Nifty closes near 9450
Author

15 May, 2017

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,287.37 points, traded at 30,323.15 points - up 135 points or 0.45 per cent from its previous close at 30,188.15 points.

The benchmark BSE Sensex index advanced 0.4%, or 133.97 points, to 30,322.12, while the broader NSE Nifty50 index rose 0.5%, or 44.50 points, to 9,445.40. India's largest steel maker closed higher by 4.5% at Rs 456.45, whereas Aurobindo Pharma stock closed lower by around 1.6% at Rs 613.60.

Last week, the government released a new series of industrial output and wholesale inflation data, revising the base year to 2011-12 from 2004-05.

The key indices traded with gains of close to half a per cent each during the mid-afternoon trade session, as healthy buying was witnessed in banking, metal and healthcare stocks.

The rupee rose to 64.0275 per dollar, its strongest since April 27, on expectations of additional foreign portfolio inflows into Indian markets.

Hopes for easing inflation got a further boost after the domestic weather office said on Sunday monsoon rains had reached the country's Andaman and Nicobar islands ahead of the schedule. "An about-turn in policy is unlikely but policy guidance will be more neutral and balanced than April". It eventually closed the day at Rs 79.95, up 1.65 per cent.

India's consumer price inflation stood at 2.99% in April, its lowest since the nation started publishing the consumer price index in 2012 and softer than the 3.49% reading economists polled by Reuters were expecting.

Over the weekend, the ransomware WannaCry hit systems in over 100 countries, including Russian Federation and the United Kingdom, in one of the most widespread cyber attacks in history. Japan's Nikkei, however, logged losses. Australian shares fell 0.2 per cent, while South Korea's KOSPI was little changed.

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