Indian stock market benchmark index Sensex hit a new high today, buoyed by optimism about earnings recovery. Reliance Industries and financials HDFC Bank and HDFC led the gains today. The Sensex rose as much as 434 points today to 36,699, breaching its earlier high of 36,443 hit in January this year. Another benchmark Nifty 50 also crossed the 11,000 mark, hitting 11,078.30 at its day’s high, The Sensex had rallied nearly 700 points in the previous four sessions, boosted by strong buying from domestic institutional investors. The Sensex ended 282 points higher at 36,548 while Nifty settled at 11,023, up 75 points.

Here are 10 developments from stock market today:

1) A positive start to the June quarter earnings season has lifted sentiments. India’s economic growth has picked up in recent months, with gross domestic product or GDP growth surging 7.7% in the March quarter.

2) Morgan Stanley expects companies in the BSE Sensex to report a 23% increase in net income in the June quarter from a year earlier. That would mark a third straight quarter of double-digit growth, according to data compiled by Bloomberg.

3) Powering today’s gains are banking stocks with the Nifty Bank index rising 0.8%. SBI, ICICI Bank, HDFC Bank, HDFC, ICICI Bank, Yes Bank and IndusInd Bank were among the top gainers.

4) IndusInd Bank had on Tuesday come out with strong June quarter earnings, with some brokerages increasing their target price on the stock, citing stable asset quality and strong loan growth.

5) Market heavyweight Reliance Industries (RIL) also led today’s gains with the stock price rising nearly 4.5%. Its market capitalisation also topped the $100 billion mark.

6) A sharp fall in global oil prices also buoyed Indian stocks. Shares of oil marketing companies, airlines jumped after crude oil prices posted their biggest one-day drop in two years.

7) Global benchmark Brent crude slumped nearly 7% on Wednesday as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.

8) Shares of BPCL and HPCL advanced today while aviation shares Interglobe Aviation, Jet Airways and SpiceJet also ended sharply higher.

9) Shares of TCS settled 0.4% lower at 1,971 on profit-taking after surging 5% on Wednesday. TCS had posted better-than-expected June quarter earnings and the management also maintained a positive outlook on demand.

10) Despite the Sensex surging to new highs, the broader markets, the midcap and smallcap stocks, have seen a sharp correction this year. The BSE midcap and smallcap indices are down 15% and 18% respectively from their highs. The BSE midcap and smallcap indices ended lower today, giving up early gains.

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