Markets continue winning streak to 8th straight day; Sensex, Nifty scale new peaks

The CNX 50-share Nifty also gained 74.90 points, or 0.85 percent, to hit all-time closing high of 8,910.50 after hitting historic high of 8,925.05.

Markets continue winning streak to 8th straight day; Sensex, Nifty scale new peaks

Zee Media Bureau

Rising for the eighth straight day, markets continued their record-setting spree with benchmark Sensex Tuesday jumping 292.20 points to end at new closing peak of 29,571.04 and Nifty breaching 8,900-mark for the first time as investors cheered the strengthening of Indo-US trade ties.

Sustained FII inflows kept the momentum going for Indian shares despite mixed trend seen elsewhere in Asia in the wake of anti-austerity Syriza party's victory in Greek elections.

Hopes of pick up in foreign investments in India after the ECB launched a landmark bond-buying stimulus programme to revive euro zone economy provided good support, traders said.

The BSE Sensex resumed higher at 29,451.65 and rose further to lifetime high of 29,618.59 before ending at all-time closing high of 29,571.04, showing a gain of 292.20 points or one percent.

The BSE Sensex has gained by 2,224.22 points of 8.13 percent in the eight successive trading sessions.

The CNX 50-share Nifty also gained 74.90 points, or 0.85 percent, to hit all-time closing high of 8,910.50 after hitting historic high of 8,925.05.

"Domestic markets upheld the prevailing upside momentum on Monday and scaled to newer highs....Buoyancy was triggered by the US president on his visit to India as he pledged investment and loans worth USD 4 billion in order to promote trade and business with India," said Religare Securities, President-retail distribution, Jayant Manglik.

US President Barack Obama today left for Saudi Arabia, wrapping up his 3-day visit during which both the countries broke a seven-year logjam to operationalise a landmark civil nuclear deal, besides boosting defence and trade ties.

Capital goods sector stocks hogged the limelight after Obama and Prime Minister Narendra Modi unveiled a deal aimed at unlocking billions of dollars in nuclear trade and deepening defence ties.

In key earnings, stocks of Maruti Suzuki India rose by 2.12 percent after the country's largest car maker reported 17.8 percent growth in net profits for the third quarter.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 2,019.98 crore last Friday as per provisional data.

Key benchmark indices in Singapore, Taiwan, Japan and South Korea rose 0.40 percent to 1.72 percent while those in China and Hong Kong fell by 0.41 percent to 0.89 percent.

European markets were trading lower in their early trades. Indices in France, Germany and the UK moved down by 0.12 percent to 0.47 percent.

Veracity Broking Services, Head of Research, Jignesh Chaudhary, said: "Indian markets reacted positively after a deal that could allow US companies to build nuclear reactors in the country."

In Sensex, 19 scrips out of the 30 index constituents ended higher while 11 finished lower.

Major gainers were Axis Bank (4.83 percent), Cipla (4.62 percent), ICICI Bank (3.58 percent), ITC (3.01 percent), HDFC Bank (2.98 percent), Tata Motors (2.93 percent), Bharti Airtel (2.16 percent), Maruti (2.12 percent), Larsen & Toubro (2.07 percent), HDFC (1.95 percent) and BHEL (1.11 percent).

However, Dr Reddy's Lab fell by 4.01 percent, followed by Infosys 3.53 percent, M&M 2.81 percent, Coal India 2.77 percent, HUL 2.18 percent, Hindalco 1.59 percent, Tata Steel 1.14 percent, Sun Pharma 1.07 percent and Bajaj Auto 1.01 percent.

Among the S&P BSE sectoral indices, Bankex 2.30 percent, Capital Goods 1.84 percent, Auto 1.24 percent, FMCG 1.14 percent and Realty 1.03 percent while IT fell by 1.66 percent and Teck 1.07 percent.

As a result, total market breadth remained negative as 1,510 stocks ended in the red, 1,419 closed in the green and 113 ruled steady. Total turnover fell to Rs 3,890.86 crore from Rs 4,032.25 crore last Friday.

With agency inputs

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close