Sensex adds to gains for 4th day; Nifty above 8,800
Stocks kept their winning run going for a fourth session as the BSE Sensex gained over 35 points to 28,634.50, tracking gains in Asian markets as investors looked ahead to key central bank meetings this week in the US and Japan for clues on global monetary policies.
Mumbai: Stocks kept their winning run going for a fourth session as the BSE Sensex gained over 35 points to 28,634.50, tracking gains in Asian markets as investors looked ahead to key central bank meetings this week in the US and Japan for clues on global monetary policies.
Also, the broader NSE Nifty managed to again went past the key 8,800-mark.
Sentiment was bolstered by positive global cues as investors cheered the rally in oil and awaited the start of the Federal Reserve policy meeting later this week. Benchmark Brent crude price rose 1 percent to USD 46.55 a barrel.
After opening strong at 28,626.60, the Sensex rose further to hit a high of 28,714.77 on continued buying by investors and sustained foreign fund inflows.
However, it slipped into negative briefly to hit a low of 28,552.55 before settling 35.47 points or 0.12 percent higher at 28,634.50 - its highest closing since September 9, when it had ended at 28,797.25.
The gauge had risen 245.49 points in the previous three days on firm global cues on receding fears of a US rate hike.
The Nifty after shuttling between 8,824.30 and 8,774.20, settled 28.55 points or 0.33 percent up at 8,808.40.
Shares of ICICI Bank rose 1.61 percent, to Rs 271.85 as unit ICICI Prudential Life Insurance Co's Initial Public Offerings (IPO) worth Rs 6,057 crore and biggest for Indian markets in about six years, opened for subscription today.
Shares of software services exporters, led by TCS and Infosys, were back in the limelight and contributed major support to the Sensex.
TCS was right on top rising 1.96 percent to Rs 2,407.35, Wipro was up 0.13 percent at Rs 480.40, while Infosys gained 0.08 percent to Rs 1,061.15.
According to Morgan Stanley report, emerging market growth is expected to improve to 4.7 percent in 2017 from 4 percent this year as more economies, including India, will transition towards gradual recovery, too positively impacted sentiments.
Overseas, Asian stocks ended largely higher with Hong Kong's Hang Seng rising 0.92 percent, while Shanghai Composite Index up 0.77 percent. Japanese financial markets were closed today.
Europe too was higher with London's FTSE rising 1.12 percent, Paris CAC up 1.31 percent and Frankfurt-based DAX 30 higher by 0.70 percent.
As many as 21 scrips out of 30-share Sensex pack ended up.
Other big movers included Adani Ports (1.60 percent), Coal India (1.17 percent), ONGC (1.07 percent), Asian Paints (1.04 percent), Power Grid (0.97 percent), Cipla (0.90 percent), Tata Motors (0.84 percent), Tata Steel (0.70 percent), RIL (0.62 percent) and NTPC (0.59 percent).
Shares of Heritage Foods surged over 10.20 percent to Rs 901.90 after the company said it is in talks with Kishore Biyani-led Future Group for a possible stake sale to the home-grown retail major.
"Positive Asian markets helped Indian stocks to shrug off last week's negativity, and encourage value buying. Meanwhile, Moody's positive comments on the NPAs ensured that banking stocks continued to attract buying interest," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial.
Sectorwise, BSE realty index was in the thick of action as the index rose 1.60 percent followed by metal 1.33 percent, infrastructure 0.96 percent, PSU 0.88 percent, power 0.76 percent and oil&gas 0.70 percent.
Mid-cap and small-cap too firmed up by 0.63 percent and and 0.52 percent, respectively, on continued buying by retail investors.