Mumbai Oct 26 (IANS) Expectations of faster economic growth on the back of the recently announced funding policy for state-run banks and the road sector lifted the key Indian equity indices -- S&P BSE Sensex and NSE Nifty 50 -- to their new intra-day and closing record highs on Thursday.
Market observers pointed out that prospects of additional liquidity healthy buying in oil and gas metals and capital goods stocks along with hopes of better quarterly results aided in the key indices upward trajectory.
On intra-day record high basis the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched 33 196.17 points while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10 355.65 points.
Similarly the two key indices closed on fresh highs -- the Sensex which opened at 33 025.17 points closed at 33 147.13 points higher by 104.63 points or 0.32 per cent from Wednesday s close at 33 042.50 points.
The index had slipped to a low of 32 835.06 points during the trade session.
The Nifty 50 closed at a new high of 10 343.80 points up 0.47 per cent or 48.45 points.
"Markets zoomed higher on Thursday to close at yet another new life high. Positive European markets supported the Indian indices " Deepak Jasani Head - Retail Research HDFC Securities told IANS.
"Some volatility was seen on the back of the derivative expiry of the near month October series."
According to Anand James Chief Market Strategist Geojit Financial Services: "Profit booking in some PSBs (public sector banks) and derivatives expiry kept markets guessing even as global peers remained on the back foot ahead of a bunch of central bank meetings."
"However sectoral cues kept markets buoyant with firm metal prices leading metal and mining companies higher while small and midcap segments outperformed the broad market indices on anticipation of better outcomes from the MSMEs meeting with the GST council scheduled on Sunday."
In terms of investments provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 375.63 crore whereas domestic institutional investors (DIIs) divested stocks worth Rs 523.54 crore.
On the currency front the rupee strengthened by seven paise to close at 64.82-83 against the US dollar from its previous close at 64.89-90.
Sector-wise the S&P BSE oil and gas index surged by 354.78 points followed by the metal index higher by 305.34 points and the capital goods index augmented by 227.33 points.
On the other hand the S&P BSE consumer durables index receded by 140.18 points and the telecom index inched-down by 9.67 points.
Major Sensex gainers on Thursday were: Cipla up 3.18 per cent at Rs 612.40; Maruti Suzuki up 2.60 per cent at Rs 8 076.50; Axis Bank up 2.48 per cent at Rs 484.40; Tata Steel up 1.72 per cent at Rs 729.45; and Larsen and Toubro up 1.68 per cent at Rs 1 224.65.
Major Sensex losers were: ICICI Bank down 2.08 per cent at Rs 299.25; Tata Motors DVR down 1.75 per cent at Rs 230.55; PowerGrid down 1.65 per cent at Rs 212; State Bank of India down 1.25 per cent at Rs 320.65; and Asian Paints down 0.96 per cent at Rs 1 191.
--IANS
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