Sensex, Nifty hit new highs; auto, metal stocks soar

After a strong opening, the BSE 30-share gauge reclaimed the 30,000-mark to hit a high of 30,016.04, before closing at 29,926.15, up 67.35 points, or 0.23 per cent.

It finally ended at 30,250.98, up 2.81 points or 0.01 per cent, surpassing the previous record closing high of 30,248.17 reached yesterday.

The 50-share NSE Nifty gained 43.35 points, or 0.46 per cent, to quote at a life-time high of 9,450.65. The broader Nifty index was up 25 points or 0.28 percent at 9,433.

The BSE market breadth was bullish, with 1,619 advances and 1,151 declines.

Midcaps gained nearly a per cent, while metals and banks gained around half per cent.

The stock markets in the United States have so far put in a mixed performance owing to the abrupt dismissal of the Federal Bureau of Investigation chief and other factors.

India is likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the weather office said on Tuesday.

"A good monsoon will raise the prospects of the economy, especially for FMCG and consumer durables sector", said Vinod Nair, head of research, Geojit Financial Services.

The NSE Auto index was among the top sectoral gainers, led by gains in Eicher Motors whcih rose as much as 7.8 per cent to hit its all-time high of Rs 30,051.

"The Nifty opened with upside gap of around 41 points and made an attempt to move up during early part of the session".

The Nifty PSU bank index rose as much as 0.91 per cent. Hong Kong's Hang Seng index closed up 0.4%, while South Korea's Kospi index ended 1.2% higher.

Lupin surged the most by climbing 2.32 per cent, followed by Bharti Airtel (1.91 per cent) ahead of its quarterly earnings tomorrow.

However, Wipro fell 1.64 per cent, Asian Paints 1.14 per cent, ICICI Bank 0.91 per cent, TCS 0.86 per cent and Gail 0.84 per cent.

The scrip is now trading 3.61 per cent higher on the NSE.

On the other hand, the S&P BSE oil and gas index fell by 134.37 points, the capital goods index by 91.37 points and the power index by 28.84 points.

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