The 50-share NSE Nifty spurted 47.95 points to end at a lifetime high of 9,359.90. Its previous record closing was 9,351.85 achieved on April 26. Similarly, the BSE Sensex has ended above the 30,000-mark. The upbeat performance of market benchmark Nifty and BSE Sensex is to be seen at the backdrop of reform steps taken by the government in banking and infra space. With government’s decision to bring an ordinance in the banking sector to empower RBI, banking stocks surged up to 9%. Sentiments also remained upbeat following government’s decision to boost steel output and consumption as well as following strong earnings by the biggest private lender ICICI Bank. The positive sentiments were also due to the decision of US Federal Reserve to keep its policy rate unchanged.
The BSE Sensex closed at 30,126.21 which is its highest level since April 26 when it closed at a record high of 30,133.35. Also, the Bank Nifty closed at an all-time high of 22,720.10 after registering an intra-day record peak of 22,743.70.
On the macro front, as per the Nikkei India Services Purchasing Managers’ Index (PMI), services sector registered growth for the third straight month in April. However, the pace of growth got slowed down due to slower rise in new business and employment.
Stock Market Index
A share market Index shows how a specified portfolio of share prices is moving in order to give an indication of market trends. It is a basket of securities and the average price movement of the basket of securities indicates the index movement, whether upwards or downwards. BSE Sensex is one index. The BSE SENSEX is a free-float market capitalization weighted stock market index of 30 well-established and financially sound companies listed on Bombay Stock Exchange.