ECB helps Sensex, Nifty maintain northbound trend; Tata Power, Tata Motors lead surge

The NSE Nifty crossed the 8,800-level for the first time to scale an all-time high of 8,866.40 (intra-day) before settling 74.20 points, or 0.85 percent lower at 8,835.60, a new closing high.

hidden January 23, 2015 18:29:58 IST
ECB helps Sensex, Nifty maintain northbound trend; Tata Power, Tata Motors lead surge

Mumbai: Tracking global rally triggered by ECB stimulus, the benchmark BSE Sensex today set a new high of 29,408 points and NSE Nifty breached the 8,800-level for the first time.

The 30-share index, however, pared some gains to settle the day at all-time closing high of 29,278.84, up 272.82, or 0.94 percent from its previous close.

ECB helps Sensex Nifty maintain northbound trend Tata Power Tata Motors lead surge

Northbound. Reuters

Powered by buying across the board the indices also recorded their best weekly gain in eight months.

Rising for the seventh straight session, the 30-share Sensex commenced at new peak of 29,189.45 as robust foreign funds inflows continued moved up at a rapid pace to touch a fresh lifetime high of 29,408.73 (intra-day), breaking its previous record of 29,060.41 registered yesterday.

The key index has now soared by 1,932.02 points in seven straight sessions.

The NSE Nifty crossed the 8,800-level for the first time to scale an all-time high of 8,866.40 (intra-day) before settling 74.20 points, or 0.85 percent lower at 8,835.60, a new closing high.

It surpassed previous intra-day and closing high of 8,774.15 and 8,761.40, respectively.

The investor mood was up on hopes of pick-up in foreign investments in India and other emerging markets after the European Central Bank launched a landmark bond-buying stimulus programme.

The European Central Bank said yesterday it would buy €60 billion a month of private and public bonds from March until September 2016 to kick start the euro-zone economy.

"Positive domestic as well as global cues have been major factors behind ongoing bull-run", said Deepak Pahwa, said a Delhi-based stock broker.

Optimism among participants over upcoming budget and expectations that government will accelerate its economic reforms process also kept sentiments buoyant, brokers said.

Prominent gainers that provided support to the market were Tata Power (6.86 percent), Tata Motors (3.81 percent), Bharti Airtel (3.72 percent), Cipla (3.15 percent), L&T (2.58 percent), M&M (2.34 percent), HDFC Bank (2.13 percent), Sesa Sterlite (2.01 percent), Hind Unilever (1.94 percent), NTPC (1.21 percent), Wipro (1.19 percent), Hero MotoCorp (0.76 percent), SBI (0.91 percent), Infosys (0.84 percent) and HDFC Ltd (0.83 percent), Sun Pharma (0.59 percent) and RIL (0.32 percent).

Sectorally, the BSE Infrastructure index rose the most by surging 1.51 percent, followed by auto index that rose 1.51 percent. Realty index (1.48 percent), capital goods (1.32 percent) Power index (1.17 percent), Metal index (0.86 percent), banking index (0.79 percent), healthcare index (0.45 percent) and IT index (0.33 percent).

Meanwhile, Foreign Portfolio Investors bought shares worth a net Rs 592.79 crore yesterday, according to exchanges.

Markets will remain closed for trading on Monday, 26 January on account of Republic Day.

PTI

Updated Date:

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