Nifty scales 8,800 mark on ECB stimulus

The spectacular bull-run remained unabated on Indian bourses driven by investors' growing optimism on improving macro factors, lifting the NSE Nifty to close above the 8,800-mark for the first time.

Mumbai: The spectacular bull-run remained unabated on Indian bourses driven by investors' growing optimism on improving macro factors, lifting the NSE Nifty to close above the 8,800-mark for the first time.

ECB?s decision of rolling out a full-scale quantitative easing programme overnight further bolstered the financial market sentiment worldwide.

With the overall macros starting to show signs of improvement on the back of robust capital inflows and no major disappointment from corporate earnings front, investors' are taking long positions ahead of the much awaited Union Budget.

Sentiment was also bolstered after Finance Minister Arun Jaitley the government has a road map to bring down fiscal deficit to three percent of the GDP over the nextcouple of years from this year's target of 4.1 percent and also hinted out rationalising subsidies, rebuilding credibility of taxation structure.

Meanwhile, the direct tax collection during the first nine months of the current fiscal showed a healthy increase of 12.93 percent to Rs 5.46 lakh crore over the same period a year. As per the Budget 2014-15, the revenue mop up from directtax is targeted at Rs 7.36 lakh crore for the current fiscal.

The broader 50-share index galloped by 74.20 points, or 0.85 percent, to register a record closing high of 8,835.60 after conquering a life-time peak of 8,866.40 during intra-day trade.

The seven-day upsurge has resulted in a massive 558 points, or 6.74 percent spurt in the benchmark indices.

Banking and Financials stocks were among the top gainers for the seventh consecutive session.
Sector-wise performance, Infra indices gained the most by surging 2.34 percent followed by Auto 1.60 percent and Realty 1.50 percent. Metal, Financials, Energy, Healthcare, metal, FMCG and Technology too moved higher.

The biggest contributor to the Nifty gains include Tata Motors, HDFC Bank, L&T, Inrfosys, Bharti Airtel, HDFC, HUL, M&M, Cipla, Tata Power, SBI, Cairn India, Sesa Sterlite, Sun Pharma, Reliance, Wipro, ICICI Bank, BPCL, Indusind, TechM, DLF, NTPC, Heromotoco, Power Grid, Ultracemco and Ambuja Cem.

Notable frontline laggards were ONGC, ITC, TCS, HCL-Tech, PNB, BHEL, GAIL, Lupin, Asian Paints and ACC.

Turnover in the cash segment jumped to Rs 21,474.52 crore from Rs 19,254.47 crore yesterday. A total of 10,263.05 lakh shares changed hands in 88,74,853 trades and the market capitalisation at NSE stood at Rs 101,20,973 crore.

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