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Sensex, Nifty scale 11-month high on global cues

11 July, 2016

Indian stock markets on Monday scaled their highest level in the past 11 months, with the benchmark Sensex hitting a high of 27,647 points and the Nifty going past the 8,400 mark in intra-day trade to touch 8,475 points. Although both the indices came down marginally from their respective highs, they closed more than 1.8% and 1.7% higher, respectively, than their closing on Friday.

The rally followed strong Asian cues as markets across Japan, Shanghai, Hong Kong and Singapore were up. Several global factors, including favourable US jobs data and an upper house election victory secured by Japanese prime minister Shinzo Abe’s ruling combine added to the buoyant sentiment, which had turned negative after the United Kingdom voted to exit the European Union last month.  

On 4 March, 2015, Sensex had hit an all-time high of 30,024.74, after it gained almost 40% from the highs of December 2013.

Following global cues, European shares, too, hit an 11-month high, with the London Stock Exchange’s FTSE rising almost 1% during the intra-day trade.  

Tata Motors, Adani Ports, Coal India, NTPC, ICICI Bank, Maruti Suzuki, Hero Motocorp and Bharti Airtel were among the top gainers on the bourses. Among the top mid-cap gainers that hit an all-time high were Hindustan Petroleum, JSW Steel, Berger Paints, LIC Housing Finance and Yes Bank.

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Sensex, Nifty scale 11-month high on global cues

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