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Hopes of faster economic growth, better quarterly results lift key indices (Roundup)

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.

Post Source: Ians feed

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