India’s benchmark BSE Sensex index continued its upward momentum and hit a fresh all-time high of 22,222 on the morning of March 27, 2014, as global investors remained bullish on Indian markets.
The index surged 127 points from yesterday’s close and traded at the magical 22,222 points at around 11am UAE time (12.30pm India time) on the back of an improving macroeconomic situation in the country and the resultant increase in international investor confidence.
India’s other benchmark index Nifty too made a lifetime high of 6,647 points at around the same time as institutional and individual investors take positions in Indian stocks ahead of the forthcoming general elections next month.
The Indian rupee continues to trend higher, trading at its strongest level against the UAE dirham (and the US dollar) in eight months, trading at Rs16.37 vs Dh1 at 9.30am UAE time on Thursday as the country seems to be enjoying windfall foreign investments.
Reliance Industries Ltd (RIL) was among the top gainers after the oil & gas major said that it has won two exploration blocks in Myanmar. The RIL share price crossed the Rs900-mark today, within a month of hitting a low of Rs794 on February 28.
The Reliance stock has remained range-bound for some months now, but bounced sharply from its lows in anticipation of a gas price hike on April 1, 2014. It has surged nearly 13 per cent in the month of March including today’s intraday gains.
Among the top gainers this morning are State Bank of India (up 4.27 per cent), Bharti Airtel (up 3.31 per cent), Hero Motocorp (up 2.08 per cent), Axis bank (up 1.87 per cent) and BHEL (up 1.61 per cent).