Extending their record-breaking run, the Sensex today surged 131.22 points to end at new peak of 28,177.88 and the Nifty rose 40.85 points to fresh closing high of 8,430.75 on the back of positive cues on the trade deficit front and robust gains logged by SBI and Tata Motors.
The rally was chiefly led by auto, power, refinery and public sector banking shares. Recent macroeconomic data has reaffirmed investors' view that the Indian economy is on track for a smart recovery at a time when Japan has slipped into recession, say traders.
SBI was the star performer of the day with a rise of 5.44 per cent on the back of analyst upgrades after a robust set of numbers on Friday. In the auto pack, Tata Motors (4.07 per cent) and Hero MotoCorp (2.15 per cent) shares jumped, helping leading indices notch up gains.
"The market mood remained negative amidst mixed sentiments but it picked up steam in the last 90 minutes of the trading session.... trade deficit in October declined. FII flows and hopes from the winter session of Parliament would keep the sentiments upbeat for the next 1-2 weeks," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
After surrendering gains in the first half, markets got a boost after country's trade balance data came in better than expected. Continued fall in the global crude oil prices augurs well for price rise in India, which imports over 70 per cent of its oil requirements.
The 30-share BSE benchmark Sensex resumed lower and remained in negative zone till afternoon. It bounced back after October trade gap came in at USD 13.35 billion lower than September's USD 14.2 billion. The Sensex touched a new intra-day peak of 28,205.71 before registering its record closing high of 28,177.88, up 131.22 points or 0.47 per cent.
The 50-issue CNX Nifty of the NSE also logged its new intra-trade high of 8,438.10 before ending at new closing high of 8,430.75, showing a rise of 40.85 points or 0.49 per cent.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 645.90 crores last Friday, according to provisional data from the stock exchanges. Leave Your Comment