Sensex, Nifty at historic high levels; banks steal the show

Updated: Wed, Oct 25, 2017
09:59 am
PTI
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The BSE Sensex today soared to the

life-time high of 33,117.33 and the NSE Nifty scaled the

historic 10,340.55 mark in opening trade as banking stocks

rallied after the government announced a mega Rs 2.11 lakh

recapitalisation plan for NPA-hit state-run lenders.

The 30-share Sensex soared 509.99 points, or 1.56 per

cent, to quote at an all-time high of 33,117.33 points,

breaching its previous record high (intra-day) of 32,699.86

hit on October 17.

The gauge had gained 224.41 points in the previous

two straight sessions.

Banking behemoth SBI rallied 19.47 per cent while private

peers ICICI Bank and Axis Bank soared up to 8 per cent in

early trade, sending the barometer indices to record high.

All the sectoral indices led by bank, PSU, capital goods

and infrastructure were trading in the positive zone with

gains of up to 6.27 per cent.

The 50-share Nifty also hit a historic high of 10,340.55

by climbing 132.85 points, or 1.30 per cent. It also smashed

previous record (intra-day) of 10,251.85 points reached on

October 17.

Sentiment got a lift after the Finance Minister Arun

Jaitley yesterday announced a massive Rs 6.92 lakh crore

infrastructure spending and another Rs 2.11 lakh crore for

bank recapitalisation to revive investments as well as growth,

brokers said.

Among the PSU-banks, Punjab National Bank, Bank of India,

Union Bank of India, Bank of Baroda, Canara Bank, Oriental

Bank of Commerce, IOB, IDBI Bank, Andhra Bank, UCO Bank and

Bank of Maharashtra were at the centre stage and recorded

gains by up to 30 per cent.

Infrastructure segment stocks such as L&T, NHPC, HCC NCC

were major gainers, helping the key indices to scale new

highs.

Globally, in the Asian region, Japan's Nikkei rose 0.12

per cent, Hong Kong's Hang gained 0.67 per cent, while China's

Shanghai Composite Index rose 0.10 per cent in their early

deals.

The US Dow Jones Industrial Average gained 0.72 per cent

in yesterday's trade.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)