Nifty Hits 15-Month High, Sensex Gains for 2nd Day

MUMBAI: The broader Nifty share price benefited by 50.50 points to kiss a brand new 15-month high at 8,666.30. Besides, stocks kept their winning run on for a second session as the Sensex gained over 184 points to 28,208.62, close to one-year high, on more optimistic signals on GST bill and enhancement in corporate earnings.

Maruti share price rose 4.47 per cent to Rs 4,762.70 after it made an announcement saying that it plans to have 250 Nexa outlets by the month of March. It also said that by 2020 the premium sales and service outlets were to contribute 15 per cent of the company's sales.

Asian Paints share price hit record high after soaring 6.14 per cent to Rs 1,126.95 following 18.46 per cent leap in consolidated net profit to Rs 552.56 cr. The company’s consolidated revenues grew by 9% (YoY) to Rs 3,640 cr while PAT grew 18 per cent and EBITDA grew 20 per cent.

Meanwhile, the Indian government reached out to leaders of numerous opposition parties, encompassing Samajwadi Party and Congress, over the disputative GST bill which is supposed to be taken up by Rajya Sabha in the coming week.

A chief market strategist said that low F&O rollovers indicated that sharp spikes lately might have prompted a wait-and-watch approach, especially with the outcome of GST and RBI monetary policy out in a fortnight.

Nifty share price after being shuttled between 8,674.70 and 8,625.25, settled 50.50 points or 0.59 per cent higher at 8,666.30, which is the highest closing since April 16 previous year at 8,706.70. Sensex further rose to hit a high of 28,240.20 before settling 184.29 points or 0.66 percent higher at 28,208.62, which is its highest closing since August 7 when it had closed at 28,236.39.

MCX share price rose 0.84 per cent to Rs 1,068.30 after the Indian government elevated the foreign investment limit in stock exchanges to as much as 15 per cent.

Asian stocks closed largely lower with Japan's Nikkei falling by 1.13 percent, while other indices such as Hong Kong, China, South Korea and Singapore motioned down by 0.20 percent to 0.62 percent. The markets in Europe were mixed with London's FTSE dipping 0.19 per cent, Frankfurt up 0.02 per cent and Paris' CAC down 0.14 per cent.

On Wednesday, the US Federal Reserve kept interest rates at ultra-low level after the culmination of a 2-day monetary policy meeting. The ultra-loose policy is anticipated to attract heavy investments into emerging developing markets.