Mumbai May 16 (IANS) Indian equity markets surged to record closing as well as intra-day highs on Tuesday as positive global cues along with healthy macro-economic data and expectation of a normal monsoon buoyed investors sentiments.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) which crossed the 9 500-mark for the first time during the mid-afternoon trade session closed at a new high of 9 512.25 points -- up 66.85 points or 0.71 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE gained by 260.48 points or 0.86 per cent to close at 30 582.60 points -- also a new closing high.
According to market observers inflow of foreign funds and healthy buying witnessed in automobile banking and IT stocks too supported the upward trajectory.
Both the key indices touched their fresh intra-day highs. The NSE Nifty touched an intra-day high of 9 517.20 points and the BSE sensex of 30 591.55 points.
The new intra-day highs of the benchmark indices are also their new 52-week highs.
The key indices had touched record intra-day and 52-week highs on May 11 (Nifty of 9 450.65 points Sensex of 30 366.43 points) and closing highs on May 15 (Nifty of 9 445.85 points Sensex of 30 322.12 points).
Markets surged higher on Tuesday as the Nifty closed above the 9 500 levels for the first time ever. Both the Sensex and the Nifty hit record high levels on intra-day as well as on closing basis Deepak Jasani Head (Retail Research) HDFC Securities told IANS.
Reports of Employees Provident Fund Organisation (EPFO) looking to shore up its inflow in local stocks contributed to bullish sentiments on the domestic bourses. Broad market indices like the BSE mid-cap and small-cap indices rose less thereby underperforming the Sensex.
In terms of the broader markets the S&P BSE mid-cap index rose by 0.27 per cent and the small-cap index by 0.38 per cent.
Anand James Chief Market Strategist of Geojit Financial Services told IANS: Healthy macros prediction of a normal monsoon and the news on EFPO increasing its equity investment limits led to the rise.
Fuel price cut following lower CPI (Consumer Price Index) data and strengthening rupee was suggestive of continued interest from FIIs (foreign institutional investors).
On the currency front the rupee weakened by three paise to 64.08-09 per US dollar from its previous close of 64.06.
In investments provisional data with the exchanges showed that FIIs purchased stocks worth Rs 858.29 crore while domestic institutional investors (DIIs) divested scrips worth Rs 401.89 crore.
Sectorwise all the sub-indices of the BSE ended in the green except the S&P metal index which fell by 64.96 points.
The S&P automobile index surged by 249.08 points followed by the banking index by 131.33 points and the IT index by 106.64 points.
Major Sensex gainers on Tuesday were: Bharti Airtel up 2.98 per cent at Rs 374.70; Hero MotoCorp up 2.89 per cent at Rs 3 619; Tata Consultancy Services (TCS) up 2.66 per cent at Rs 2 427.25; ITC up 2.20 per cent at Rs 283.45 and State Bank of India (SBI) up 2.18 per cent at Rs 307.
Major Sensex losers were: ONGC down 0.96 per cent at Rs 185.10; Coal India down 0.88 per cent at Rs 275.20; Gail down 0.66 per cent at Rs 410.80; Mahindra and Mahindra (M&M) down 0.65 per cent at Rs 1 367.30; and Cipla down 0.33 per cent at Rs 564.40.
--IANS
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Indian equity indices at record highs, Nifty crosses 9,500-mark (Roundup)
