Positive Global Cues, Strong Domestic Fundamentals Lift Indian Stocks to Record High

Indian stocks recorded a new high on Tuesday (28) supported by energy and IT shares and positive global fundamentals fuelled by an understanding between the United States and Mexico to improve the North American Free Trade Agreement.

India’s IT giants, Tata Consultancy Services (TCS) and Infosys recorded an uptick of 1.06 per cent and 0.75 per cent respectively against the previous close as of 13.50 IST. Earlier in the day TCS shares opened at Rs 2052.75 and reached a high of 2070 whereas, Infosys shares opened at Rs 1416.00 and touched a high of Rs 1438.50.

Benchmark Bombay Stock Exchange (BSE) index was at 38,894.87 up by 193.66 0.50% whereas, National Stock Exchange (NSE) index was seen moving upward direction at 11,741.15, up by 49.20 points or 0.42 percent as of 13.57 IST on Tuesday (28).

Reliance Industries Ltd was seen trading at Rs 1317.70 up by 26.10 or 2.02% whereas, Coal India Limited was seen moving up at 295.50 0.99 per cent against the previous close as of 14.13 IST.

The both BSE and NSE indices reached record intra-day levels on Tuesday (28) for the tenth time this month. The NSE index has had a record upward movement in the last 60 days, while the BSE has become Asia’s top performing index, this year so far.

The new record up-tick in the share market initiated as the companies in India recorded an 11.6 per cent increase in their annual profits for the quarter ended in June 2018, the biggest in the last 15 months.

The dollar remained weak as it was seen trading near one month low as against Euro on Tuesday (28). However, the dollar gained against yen amid positive global cues. Meanwhile, Indian rupee moved up by 10 paise to 70.06 against the dollar in early trade at the Interbank Forex market as exporters and bans preferred to sell American currency amid fresh foreign funds inflow.