The S&P BSE Sensex climbed to record levels on strong corporate earnings and gains in Asian markets: the index rose 0.6 percent to close above 30,000 for the first time; while the NSE Nifty 50 Index, advanced 0.5 percent.
Seven out of the nine Nifty-listed companies have either met or exceeded their earnings expectations for the January-March quarter, according to data compiled by Bloomberg. Out of the 13 sector indices compiled by BSE Ltd., fast-moving consumer goods surged the most, rising to its highest level since at least 2005. ITC Ltd., was the top performer on the Sensex, rising to a record high.
“Strong company results show that the market has broken away from the shackles of demonetization,” Jitendra Panda, managing director at Peerless Securities Ltd., in Kolkata said. “This milestone for the Sensex was long-awaited and with companies displaying momentum in the numbers, we expect better days ahead,” he added.
