Sensex Climbs Historical 29,000 Points In The Opening Trade

The benchmark BSE Sensex on Thursday surged a historical high of 29,000 points while the 50-share NSE Nifty scaled to 8,745 as the stock markets continued their record-setting spree for the third session in a row.

According to market analysts, this was due to robust fund inflows amidst a firming trend overseas. They further added that trading sentiments were also buoyed by confidence among funds and retail investors owing to encouraging third quarter (Q3) earnings by bluechip companies.

Amid pre-budget optimism, all the sectoral indices, which was led by IT, infrastructure and capital goods, were trading in positive zone.

When the markets closed yesterday, the Sensex and the Nifty ended at new all-time highs of 28,958.10 and 8,741.85, respectively.

Stock exchange brokers asserted that the market has turned bullish since the Reserve Bank of India’s (RBI’s) surprise rate cut last week. This has also resulted in heavy purchases by foreign funds and expectations of fall in subsidy bill following slump in global crude oil prices.

Interest rate-sensitive stocks have been in the limelight since the Reserve Bank of India's surprise rate cut last week raised hopes of a start of a monetary easing cycle.