Sensex, Nifty scale new peaks; SBI, Tata Motors in limelight
Indian stocks on Monday galloped to a new highs with benchmark Sensex surging 131.22 points to 28,177.88 and Nifty rising 40.85 points to end at 8,430.75 boosted by solid buying in bluechips, like SBI and Tata Motors, and positive cues on the trade deficit front.business Updated: Nov 17, 2014 17:05 IST
Indian stocks on Monday galloped to a new highs with benchmark Sensex surging 131.22 points to 28,177.88 and Nifty rising 40.85 points to end at 8,430.75 boosted by solid buying in bluechips, like SBI and Tata Motors, and positive cues on the trade deficit front.
The 30-share BSE Sensex after opening in negative zone dropped further to touch the day's low of 27,921.34 on profit-taking at high levels and a weak trend at the other Asian bourses after data showed Japan slipped into recession.
Later, emergence of buying, spread over a broad front, helped the Sensex stage a strong comeback to hit an intra-day record high of 28,205.71, surpassing its earlier record of 28,126.48 reached on November 12. It settled for the day at 28,177.88, new record close, and gained 131.22 points or 0.47%. Its previous record close was 28,046.66 (Nov 14).
Sentiment was boosted after stocks led by banking, power and capital sectors rallied. Trade deficit in October fell to $ 13.35 billion compared to $ 14.2 billion in September.
"Indian markets closed at new record high after trade deficit data narrowed...Growth story becomes very positive compared to its global peers. FII inflow should take markets to newer highs of 29000 on Sensex and 8700 On Nifty by December," said Rajshekar Gowda, Senior Analyst, HBJ Capital.
Of the 30-share Sensex, 18 scrips ended with gains, while 12 others ended in negative zone. Country's largest lender SBI rose by 5.44% to close at its 52-week high of Rs 2,940.15. Other gainers which supported the key index to hit new highs include Tata Motors (up 4.07%), Hero MotoCorp (2.15%), NTPC (1.71%), RIL (1.47%), BHEL (1.20%) and Bharti Airtel (1.04%).
The 50-scrip NSE Nifty, after dipping to 8,349.10 at the outset, rebounded to breach the 8,400-mark to hit a new lifetime intra-day high of 8,438.10. It also ended at fresh all-time high of 8,430.75, up 40.85 points, or 0.49%.
This beat its previous closing peak of 8,389.90 touched on November 14. Also, its previous intra-day record high was 8,415.05 on November 12. Foreign Portfolio Investors had bought shares worth a net Rs 645.90 crore last Friday, according to provisional data.
Sectorwise, the BSE Power index rose by 1.54%, Banking by 0.41%, Auto by 1.43%, and Consumer Durables by 0.91%, among others.