Markets Hit All Time High

The benchmark indices Sensex and Nifty have hit the lifetime high in today's session. This was primarily due better than expected GDP growth rate in the June quarter which was up by 5.7% compared to 4.6% in the corresponding quarter of the previous year. At 10.15 am the benchmark Sensex was up by 0.75% with 91 advances and 8 declines, while Nifty was up by 0.79%. The overall market breadth was positive as BSE mid-cap and small-cap outperformed their counterparts, BSE mid-cap was up by 1.13% while small-cap was up by 1.11% respectively.

Tracking the momentum of the sectoral indices, banking sector was trading up by  1.24% after RBI governor Raghuram Rajan commented that India is better prepared for US Fed rate hike. The top gainers included metal and power stocks as the Supreme court hearing on the coal block allocation case is expected today. In the metal sector JSPL, Hindalco and Sesa Sterlite were seen trading up by 1.59%, 1.41% and 0.43% respectively. Meanwhile, in the power sector, Adani Power, Tata Power and JSW Energy was seen trading up by 1.90%, 2.24% and 1.12% respectively. While BHEL, DRL were seen trading in red, down by 0.73% and 0.02% respectively.

Further Asian markets were seen trading in the positive zone. All the indices were trading in green with Japan's Nikkei up by 0.29%, Hong Kong's Hang Seng was up by 0.23% while China's Shangai was up by 0.56% in today's trade.