Stock markets salute Modi Govt on its third anniversary as Sensex crosses 31,000-mark for the first time, Nifty nears 9,600

Sensex surged past the 31,000-mark for the first time on Friday owing to sustained fund inflows amid robust corporate earnings. The broader Nifty too gained 81.55 points, or 0.85 per cent, to hit a new lifetime high of 9,591.30.

The 30-share index flared up by 284.27 points, or 0.92 per cent, to hit 31,034.30 at 1345 hrs. The gauge had rallied 448.39 points in the previous session.

All the sectoral indices, led by metal, capital goods, auto and power, were trading in positive zone with gains of up to 3.53 per cent.

The benchmark BSE Sensex has risen nearly 26 per cent since the BJP-led NDA government came to power in May 2014.

Marketmen said persistent inflow of foreign funds and sustained buying by retail investors, buoyed by a series of positive cues such as early onset of monsoon, upbeat quarterly earnings and finalisation of rates by the GST Council, fuelled the rally.

Firmness in the rupee against the dollar and fall in global crude oil prices also influenced trading sentiment, brokers said.

Creation of new positions by participants following the beginning of the June futures and options (F&O) series tooadded to the momentum, they added. Prominent gainers among the 30 Sensex stocks were Tata Steel, Adani Ports, Reliance Industries, Asian Paints, Power Grid, Bharti Airtel, L&T, Infosys, HDFC Ltd, M&M, Hero MotoCorp, ICICI Bank, ITC Ltd, ONGC, Maruti Suzuki, Wipro and Coal India, gaining up to 5.99 per cent. A mixed trend at other Asian markets and a better opening in Europe also helped the key indices.