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Nifty touches 5,900, its highest level in more than 19 months

Agencies  Mumbai, December 05, 2012
First Published: 09:54 IST(5/12/2012) | Last Updated: 10:06 IST(5/12/2012)

The Nifty rose to its highest level in more than 19 months on Wednesday, breaching the 5,900 level, on hopes the government will muster a majority in Parliament on the retail vote.

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At 9:30 am, the index was at 5,910.20, up nearly 0.4%. It breached 5,900, a key level, for the first time since April 25, 2011.

The BSE benchmark Sensex on Wednesday surged nearly 103 points in early trade on sustained buying by funds and retailers, ahead of voting in Parliament on allowing FDI in multi-brand retail amid firm Asian cues.

The 30-share barometer, which had gained 42.80 points yesterday, rose by 102.67 points, or 0.53%, to 19,450.79.

All the sectoral indices, led by metal, realty, oil and gas and capital goods, were trading in the positive zone with gains of up to 1.13%.

The wide-based National Stock Exchange index Nifty moved up by 28.45 points, or 0.48%, to 5,917.70.

Brokers said continued buying by funds and retail investors ahead of a voting in Parliament on allowing foreign direct investment (FDI) in multi-brand retail mainly buoyed the trading sentiment.

Besides, a firming trend on other Asian bourses, too, trigered buying activity in the domestic market, they added.

In Asia, Hong Kong's Hang Seng rose by 1.21 per cent, while the Japan's Nikkei by 0.86% in early trade on Wednesday.

The US Dow Jones Industrial Average, however, ended 0.11% lower on Tuesday.

(With inputs from Reuters, PTI)


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