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Nifty hits record after BJP's huge win, Sensex at 2-year peak

The 50-scrip Nifty settled higher by 152.45 points, or 1.71 percent, at a life-time high of 9,087, surpassing its previous record of 8,996.25 on March 3, 2015.

Nifty hits record after BJP's huge win, Sensex at 2-year peak

Mumbai: The stunning election success of the BJP in Uttar Pradesh gave the market a rush of adrenaline as the Nifty on Tuesday pulled off an all-time closing high of 9,087 and the Sensex raced to a two-year high.

The euphoria even saw the 50-share NSE index breaking through the 9,100-mark to hit 9,122.75, an all-time intra-day high too.

Intra-day, the rupee flexed muscles, climbing to 66.14. Despite a sharp increase in WPI inflation, investors set aside all their caution and pumped in more money on hopes that the assembly poll win will make the government push through bold reforms.

A strong set of industrial output numbers for January provided the perfect backdrop to reap more dividends. IIP expanded 2.7 percent year-on-year.

At one point, the 30-share blue-chip index rallied 615.70 points to hit a high of 29,561.93. In the end, it settled up 496.40 points, or 1.71 per cent, at 29,442.63 -- a level last seen on March 5, 2015.

The gauge had gained 44 points in the previous two sessions. Markets were shut yesterday for Holi.

The 50-scrip Nifty settled higher by 152.45 points, or 1.71 percent, at a life-time high of 9,087, surpassing its previous record of 8,996.25 on March 3, 2015.

Foreign funds net purchased shares Rs 412.14 crore last Friday, as per the provisional figures.

February wholesale price inflation climbed to 6.55 percent, from 5.25 percent in the previous month. Expectations of more liquidity in bourses had a positive impact, traders said.

The BSE capital goods index gained the most, rising 3.06 percent, followed by realty 2.57 percent, consumer durables 2.40 percent, bank 1.93 percent and FMCG 1.60 percent.

"The market started the day with a gap-up opening, triggered by the strong performance of the BJP in the recently held five state elections in India," said Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund.

ICICI Bank was the best performer with 5.99 percent gain. Support also came from Hindustan Unilever (4.54 percent), L&T (4.40 percent), HDFC Ltd (3.69 percent), Asian Paints (3.51 percent), Maruti Suzuki (3.02 percent) and Adani Ports (2.92 percent).

Sun Pharma rose 3.61 per cent to Rs 708.25 after the US health regulator proposed to lift the import alert on the company's Mohali (Punjab) manufacturing plant.

With the buying activity gathering momentum, second-line stocks continued their upward sprint. The BSE mid-cap and small-cap indices rose 1.43 percent and 1.19 percent, respectively.

Other Asian markets ended mixed while European shares remained indecisive in early session as investors awaited the start of the Federal Reserve's policy meeting.

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