Stock markets surged to all-time

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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

said.

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

investors.

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

boosted sentiments.

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

per cent).

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.)