Nifty ends above 9,300 for the first time ever amid global rally

Nifty50 rose to fresh record high of 9,309 surpassing previous peak on April 5, rising over 13% YTD

Riding on relief rally from French elections and optimistic quarterly earnings, Nifty50 ended the day at a fresh closing high.
 
Nifty50 today breached 9,300-level for the first time ever rising to fresh record high of 9,309 surpassing the previous peak on April 5, rising over 13% year-to-date. The gains were led in Bharti Infratel, M&M, BPCL and HeroMoto Corp.
 
The S&P BSE Sensex settled at 29,943 up 287 points, while the broader Nifty50 ended at 9,306 up 88 points.
 

In the broader market, Midcap and Smallcap indices also followed the train, hitting their respective record highs. The BSE Midcap rose 1% while the BSE Smallcap advanced 0.6%.

"Earnings from both private as well as public sector has shown encouraging signs, lifting Banking stocks, while Nifty’s surge to 9300 gave added vigour to market. Government’s push in  the infra and affordable housing space has also kept housing, cement  and realty stocks buzzing,” said Anand James, Chief Market Strategist, Geojit Financial Services in a technical note.
 
The rupee, meanwhile, strengthened to as much as 64.2750 per dollar, its highest since April 13, compared with its close at 64.44 on Monday.
 
Sectors and Stocks
 
Reliance Industries climbed as much as 3.4% to its highest since May 2008, making it the biggest gainer on the NSE index, after the oil-to-telecoms conglomerate on Monday posted a 12.8% rise in fourth-quarter profit, beating expectations.

 
Bank Nifty also climbed to it’s record high, breaching 22,000-mark led by PNB, Axis Bank, Bank of Baroda, IndusInd Bank and ICICI Bank, up between 1-4%.

Wipro ended nearly 1% higher ahead of its march-quarter earnings to be announced later in the day. 

Axis Bank, M&M, HeroMoto Corp, Bharti Airtel and Asian Paints gained the most on BSE Sensex while Cipla, TCS and GAIL shed the most.
 
Among other gainers, Indiabulls Housing Finance touched 52-week high of Rs 1042.70, up 3.6%, after reporting a 24% increase in March-quarter consolidated profit. The stock ended 1% higher.
 
Indian Bank moved higher to its lifetime high of Rs 319, up 12% on BSE in intra-day trade to end 8% higher at Rs 309 after it reported an over three-fold jump in net profit at Rs 320 crore for the quarter ended March 2017 (Q4FY17), on back of higher operational income. The public sector lender had profit of Rs 94 crore in year ago quarter.

 
Biocon gained over 8% after the biopharmaceutical company said it was considering bonus share issue.
 
ACC, however, dropped more than 1%, having gained 7.5% in the previous session on the back of better-than-expected quarterly profit. The stock later pared losses to end flat for the day.
 
Global Markets
 
World stocks hit record highs on Tuesday, with investors' relief at centrist Emmanuel Macron's victory in the first round of the French presidential election supported by speculation about US tax reform.
 
European shares measured by the STOXX 600 index edged up by 0.2%, after rising 2.1% on Monday. French shares pulled back 0.1%, having risen 4.1% on Monday in their biggest daily gain since August 2012.

 
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6%, hovering near its highest level since June 2015 hit earlier in the session, on its fourth straight day of gains.
 
Japan's Nikkei rose more than 1% to a three-week high. South Korea's KOSPI also advanced 0.7 % to its highest level since April 2015.
 
These gains helped push MSCI's world stocks index, comprising shares from 46 countries to a fresh all-time high after chalking up its biggest rise since shortly after Britain's vote last June to leave the European Union.