Sensex reaches new high, Nifty breaches 9,400-mark

Mumbai: Market benchmark Nifty crossed the 9,400-level for the first time, while the Sensex surged to its lifetime high of 30,246.28 in late afternoon trade today on widespread buying spurred by forecast of a normal monsoon this year.

The 50-issue Nifty gained 89.90 points, or 0.96 per cent, to trade at 9,406.75, surpassing its previous intra-day high of 9,377.10 touched on May 5. BSE Sensex soared 316.37 points, or 1.05 per cent, to trade at 30,246.28, breaking its previous peak of 30,184.22 reached on April 27.

Brokers said sentiment was upbeat after the Indian Meteorological Department (IMD) yesterday said monsoon could be 'normal' this year and bring 100 per cent rainfall instead of 96 per cent as predicted earlier, which is expected to give a booster dose to the rural economy.