Sensex above 40,000, Nifty tops 12,000

Mumbai, May 31: Optimism over Prime Minister Narendra Modi's new cabinet drove the markets near its peak on Friday led by IT, banking and financial companies.

At 9.54 a.m., the S&P BSE Sensex was trading 273.74 points or 0.69 per cent higher at 40,105.71.

The Nifty was 87.40 points or 0.73 per cent up at 12,033.30.

On Thursday, Foreign Institutional Investors (FIIs) bought shares worth Rs 1,664.74 crore and Domestic Institutional Investors (DIIs) sold scrips worth 1,122.60.

Besides, investors will take cues from the GDP data for the fourth quarter and the financial year 2018-19, scheduled to be released later on Friday.