The markets opened on all time high on Wednesday, following a few positive moves. Rupee strengthened to 64 against a dollar, global markets look strong and the liquidity in markets in encouraging. Along with that, the quarterly earnings of various companies look good too.
BSE Sensex reached its all time high level of 30,146.54, significantly higher than the previous best of 30,024 it had touched in March 2015. Nifty50, which had touched 9300 for the first time on Tuesday, kept sailing to reach 9363 on Wednesday.
This calendar year, BSE Sensex has gone up by over 12 percent and it has outperformed the global counterparts. As reported by Dollex 30 index, foreign investors in Indian stocks have got upto 19% returns. Strong figures of Q4 by some big Indian companies have also made global investors interested in Indian market and the same has started to show up.
Various IT companies and banks showed positive graph on Wednesday after Sensex and Nifty continues to sore up. The unchallenged roll out of GST by state government can also be a driving force for the stock market in the coming time. Bihar recently became one of the first states to implement GST and as Nitish Kumar is regarded one of the biggest political rivals of Narendra Modi, this move indicates the political stability for the time to come.
BJP’s growing dominance in the national politics and various moves to encourage entrepreneurship is also a positive sign for the market.