By Bharath Rajeswaran
BENGALURU (Reuters) – India’s benchmark share indexes hit all-time highs on Tuesday, with the blue-chip Sensex rising above 75,000 for the first time, while the total market capitalisation of NSE-listed companies crossed 400 trillion rupees ($4.81 trillion).
The NSE Nifty 50 was up 0.40% at 22,756.40 as of 10:45 a.m. IST, while the S&P BSE Sensex added 0.46% to 75,085.01. Both the benchmarks rose about 0.5% at the open to hit record highs for the second straight session.
Meanwhile, the total market capitalisation of all BSE-listed companies rose more than 400 trillion rupees on Monday.
“Most of the quarterly updates that have come, be it from lenders, auto makers, steel makers, real estate companies, they have been good, that’s driving the positivity in the market,” said Anita Gandhi, director at Arihant Capital Markets.
Tata Motors gained 1%, leading auto stocks 0.3% higher, after the company reported a quarterly rise in its Jaguar Land Rover’s sales.
Realty stocks gained about 2%, led by a 7% jump in Godrej Properties to record high levels on higher March quarter sales.
Metal stocks gained 1.5%, with 13 of the 15 constituents logging gains.
The rise in metal stocks followed a jump in industrial metal prices on expectations of a rebound in worldwide manufacturing, aided by strong data from the U.S., China and Germany the last week. [MET/L].
IT stocks gained 1.2%, rebounding from a 1% drop in the last two sessions.
The broader, more domestically-focussed small- and mid-caps each rose 0.6% and 0.3%. They have gained 8.1% and 4.41%, respectively, so far in April, recovering from a 4.42% and 0.54% drop in the previous month.
“The concerns over unsustainably high valuations in the segments still remain. Earnings will be key in distinguishing quality from momentum-driven names,” Arihant Capital’s Gandhi said.
($1 = 83.2290 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K and Sonia Cheema)
