Nifty zooms to 19-month high, reclaims 5,800 level
Mumbai: Markets extended their impressive run on renewed optimism over the government's reform push and positive signal from global agencies as the benchmark Nifty scaled a 19-month high and recaptured 5,800 level at the National Stock Exchange with nearly 100-point gain Thursday.
The prevailing positive sentiment over economic reforms got a further boost after the UPA government agreed for a discussion followed by a trial of strength over FDI in retail issue, putting an end to four-day deadlock in Parliament, where some key bills are to be taken up.
A day after global credit rating agency Moody's kept India's outlook stable, top investment bank Goldman Sachs today came out with a rosy forecast about Asia's third largest economy, brining cheers to investors.
Covering-up of short positions on the F&O expiry day for the November series too supported the uptrend. After a buoyant start, the market maintained its strong momentum throughout the session and outperformed its Asian peers.
Financial stocks witnessed maximum buying activities followed by FMCG, capital goods, auto and pharma scrips, while technology counters saw profit taking.
The 50-issue Nifty soared to a high of 5,833.50 before finishing at 5,825, clocking a handsome gain of 97.55 points, or 1.70 percent, over the previous close.
ICICI Bank, Asian Paints, Tata Motors, Bajaj Auto, Cipla, Sesa Goa, HDFC Bank, Kotak Bank, HDFC and L&T were the top Nifty gainers. The key laggards included Infosys, Maruti, Hero MotorCorp, BHEL, HCL Tech, Power Grid and Siemens.
The turnover in cash segment shot up to Rs 19,419.96 crore from 13,502.84 crore on Tuesday. Overall, 11,182.86 lakh shares changed hands in 74,33,095 trades. Total market capitalisation stood at Rs 65,38,468 crore.