The Sensex rose 124 points to end at a new peak of 31,369.34 as investors pinned hopes on positive Q1 numbers that are due from next week, besides an above normal rain in the first month of monsoon.
The market was back to its bullish ways following the smooth implementation of GST, hopes of a pick up in the country's economic grwoth and an above normal monsoon so far, brokers said. Realty, FMCG and banking sectors hogged the limelight and lifted the key benchmark Sensex to close at new peak but profit-booking towards the fag-end trimmed early gains.
The 50-share Nifty, after reclaiming the 9,700-mark to scale a high of 9,700.70, ended 36.95 points up, or 0.38 per cent, at 9,674.55, just shying away from its record closing of 9,675.10, recorded on June 5.
“Market has come out of the consolidation path due to progressing monsoon season and an expectation of positive quarter results after a hassle-free rollout of GST.” “On the global front, Fed minutes is giving a mixed tone and lacking unity to find consensus to deal with the balance sheet runoff at the time of undershooting inflation which will limit the outflow of foreign funds from EMs like India,” Vinod Nair, Head of Research, Geojit Financial Services ltd said.
Among realty stocks, Sobha ltd, Prestige, Unitech, DlF ltd, Omaxe, HDIl, Godrej Properties and Phoenix ltd evoked fresh buying support and gained up to 6.93 per cent. Realty stocks had a leg up after the Karnataka cabinet on Wednesday approved rules under the new real estate regulation act that aims to protect home buyers.