Stock markets surged to all-time
closing highs as positive macro data and encouraging comments
by the IMF cheered investors, sending the benchmark BSE Sensex
higher by 200 points.
The 30-share index scaled an all-time high of 32,687.32
in early trade before ending up by 200.95 points at 32,633.64,
the highest closing level so far.
The broader NSE Nifty zoomed past the 10,200-mark for the
first time to hit an all-time high of 10,242.95 in early
trade. However, it pared some of gains to settle at record
closing level of 10,230.85, up 63.40 points, or 0.62 per cent.
It broke previous record high of 10,167.45, hit on October 13.
Market sentiment was buoyant in a truncated trading week
ahead of Diwali and encouraging Q2 earnings from oil-to-
telecom conglomerate Reliance Industries.
"Optimism over Q2 earnings and positive global cues
continued to drive market to fresh highs," said Vinod
Nair, Head of Research, Geojit Financial Services Ltd.
"Q2 results will gather significance in coming days with
the earnings of Index heavyweights and decide the market s
momentum," Nair said further.
The rupee appreciating further to 64.68 against the
dollar (intra-day) at the forex market too fuelled the rally.
Sentiments got a lift after IMF chief Christine Lagarde
on Saturday said the Indian economy is on a "very solid track"
in the mid-term, triggering all-round buying activity, brokers
Wholesale inflation softening to 2.6 per cent in
September from 3.24 per cent in August and exports growing at
six-month high rate of 25 per cent in the month enthused
Unabated buying by domestic institutional investors
(DIIs) helped the key indices scale new highs.
A firming trend at other Asian markets and a higher
opening of European shares tracking gains across the US and
Asia as investors bet on another strong earnings season, also
In the euro zone, stock exchanges in Frankfurt and Paris
were up by 0.20 per cent each in early trade. London's FTSE
also rose 0.30 per cent.
Among Sensex gainers, Bharti Airtel rose further by 4.96
per cent after the company announced acquisition of Tata
group's loss-making mobile telephony business, almost for
free, boosting its specturm holding and user base.
Other big gainers included M&M (3.08 per cent), Tata
Motors (2.85 per cent), Hindustan Unilever (2.63 per cent),
Sun Pharma (2.52 per cent), Cipla (2.42 per cent), Dr Reddy's
(1.93 per cent), Bajaj Auto (1.80 per cent), TCS (1.11 per
cent), ONGC (1.06 per cent), ICICI Bank (0.98 per cent), Lupin
(0.79 per cent), Infosys (0.79 per cent) and Coal India (0.76
However, Axis Bank fell by 1.65 per cent, Wipro 0.62
per cent, Maruti 0.31 per cent, NTPC 0.28 per cent and Adani
Ports 0.26 per cent.
Among sectoral index, telecom rose the most by surging
4.23 per cent, followed by metal index 2.02 per cent,
healthcare 1.24 per cent, teck 1.23 per cent, auto 1.19 per
cent, realty 1.07 per cent, consumer durables 0.77 per cent,
FMCG 0.60 per cent, IT 0.57 per cent, oil & gas 0.43 per cent,
capital goods 0.28 per cent and PSU 0.16 per cent.
The broader markets too continued to remain in bullish
form with the midcap index rising by 0.52 per cent and
smallcap index finishing 0.30 per cent higher.
The market breadth remained negative as 1,401 stocks
ended in red, 1,303 closed in green while 140 ruled steady.
The total turnover on BSE amounted to Rs 3,448.19 crore,
lower than turnover of Rs 4,246.32 crore registered during the
previous trading session.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)