Bulls rule as indices near record high

After a slight hiccup last week, bulls regained charge on Monday with benchmark indices closing in on a new all-time high. Strong foreign inflows, progress on the goods and services tax (GST) front and  expectation of a favourable outcome in the Uttar Pradesh Assembly elections by the ruling Bharatiya Janata Party (BJP) saw the Nifty climb 0.74 per cent to close at the highest level in two years. The 50-share blue chip index closed at 8,963.45, less than 40 points - 0.4 per cent shy of a record high. The Sensex gained 0.75 per cent, or 215.74 points, to close 29,048 - around three per cent away from unchartered territory. Foreign institutional investors on Monday invested Rs 564 crore, taking their year-to-date investment tally above Rs 12,000 crore. Mutual funds, too, have been strong buyers, investing over Rs 8,000 crore so far in 2017. The strong flows have seen the benchmark indices climb 12 per cent since the beginning of the year — one of the most in Asia.  Financial Astrology Tips

Index heavyweight Reliance Industries added 3.7 per cent to close at Rs 1,305, highest since May 8, 2008. The Mukesh Ambani-led firm has gained nearly 20 per cent since the start of the year and has contributed to the bulk of the current market rally. Market players feel markets could climb to new highs this week, if share index heavyweights - RIL, HDFC Bank and ITC - continue to make positive strides. Following the sharp rally, the Sensex is now trading 19 times its projected earnings for the next 12 months. Although the valuations are above long-term averages, increase in demand for equities - as component in household savings - could support higher valuations, feel analysts. Astrology and Numerology Trading Tips