Bloomberg notes that the Sensex and Nifty 50 reached record levels today:
The S&P BSE Sensex rose 0.9 percent to close at 30,582.60 in Mumbai and the NSE Nifty 50 Index climbed 0.7 percent. Bharti Airtel Ltd., Tata Consultancy Services Ltd. and Dr Reddy’s Laboratories Ltd. gained more than 1 percent and were among the Sensex’s best performers.
So far, fundamentals seem to be supporting the move, with solid earnings coming from many firms and several still yet to report:
Company earnings for the January-March quarter have been better than anticipated, with 16 out of the 26 Nifty-listed companies that have so far announced results either meeting or beating analyst estimates, data compiled by Bloomberg show.
The rally today was broad-based, with 12 of the 13 sector indexes tracked by BSE Ltd. posting gains, with only one sector in the red.
Some of the biggest standouts today on the upside included Bharti Airtel Ltd., Tata Consultancy Services Ltd., and Dr Reddy’s Laboratories Ltd., which all gained over 1%.
On the ETF side of things, the iShares S&P India Nifty 50 Index Fund (NASDAQ:INDY) was trading at $33.94 per share on Tuesday morning, up $0.13 (+0.38%). Year-to-date, INDY has gained 24.14%, versus a 7.27% rise in the benchmark S&P 500 index during the same period.