Sensex, Nifty leap to new record highs on funds inflow
- Author: Douglas Reid May 16, 2017,
May 16, 2017, 9:26
Indian equities continued to rise for the second day on Tuesday.
Among individual share movements, Jindal Stainless Ltd rose as much as 5.90 percent to its highest in over nine years after the company announced its March-quarter results on Friday.
While exports rose 19.77 percent in the month, marking the eighth straight month of increase, imports zoomed 49 percent mainly on account of a sharp jump in gold and crude oil imports.
Resource firm Vedanta advanced 2 percent.
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The unemployment rate, meanwhile, fell to 4.4%, a 0.1% improvement on March that took it to the lowest level since May 2007. The unexpected drop pulled the unemployment rate down to its lowest level since a matching rate in May of 2007.
Tata Steel, Sobha, Andhra Bank, DIshman Pharma, Dhanlaxmi Bank, Oracle Financial, Symphony and Whirlphool are some of the BSE-liste d companies scheduled to report quarterly earnings on Tuesday.
Raising the bar, the Sensex on 15 May shot up another 181 points to a fresh all-time intra-day high of 30,503 and the Nifty 9,482, with retail investors steering the ship amid unabated foreign capital inflows. Power Grid Corporation, Axis Bank, Lupin, Coal Inida, State Bank of India, Tata Motors, Asian Paints and Larsen & Toubro are modestly higher.
USA stocks rose overnight as a jump in commodity prices lifted mining and energy stocks and cybersecurity companies also moved higher on the heels of a widespread ransomware attack.
Indian shares ended at a record closing high on Monday, after government data last week showed that consumer inflation in April eased to its lowest in at least five years, reviving a debate on whether the central bank should cut interest rates. The spurt was also triggered by a 1.5% rise in oil prices after Saudi Arabia and Russian Federation announced that the cut in crude oil production will be extended till March 2018. The German DAX and the U.K.'s FTSE 100 both inched up 0.3 percent while France's CAC 40 index rose 0.2 percent.