Stock bulls make a splash at bourses; Nifty hits 8700 landmarkMumbai: The Indian markets stormed through historic highs as improving domestic macro economic fundametals as well as stellar corporate earnings fuelled investor optimism for blue-chip stocks.Riding high of sentiments, the Nifty soared by a healthy
Mumbai: The Indian markets stormed through historic highs as improving domestic macro economic fundametals as well as stellar corporate earnings fuelled investor optimism for blue-chip stocks.
Riding high of sentiments, the Nifty soared by a healthy 144.90 points, or 1.69 per cent to end at a new closing high of 8,695.60 on the National Stock Exchange (NSE).
The bluechip benchmark also briefly conquered a fresh life-time high of 8,707.90, surpassing its previous high of 8,626.95 hit on December 4, 2014.
Positive vibes emanating from the apex bank's surprise rate cut following decline in levels of inflation and tempering expectations for a sharp acceleration in growth outlook mainly contributed to the upsurge.
Strong appetite among foreigns buyers alongwith highly bullish global sentiment driven by better than expected economic data from China and building hopes for more European Central Bank stimulus also bolstered investors' confidence.
Sectorally, metal indices were the star-performer among peers, surging by a hefty 3.06 per cent buoyed by better than expected China GDP data amid speculation that import duty on steel products would be hiked to safeguard the domestic industry from dumping.
It was followed by the Bank 1.86 per cent, FMCG 1.75 per cent, Realty 1.39 per cent, Energy 1.24 per cent alongside Infra, Technology and Auto. Midcaps and Smallcaps to gained smartly.
Most active index stocks included HDFC, ITC, Tata Motors, Reliance, ICICI Bank, Axis Bank, HDFC Bank, Infosys, SBI, Sesa Sterlite, L&T, Tata Steel, HCL-Tech, Sun Pharma, ZEE, ONCG, Hindalco, Bharti Airtel, Indusind, Wipro, Cairn India, Asian paints and Lupin.
Turnover in the cash segment jumped to Rs 18,132.55 crore from to Rs 15,571.58.78 crore yesterday. A total of 9,150.05 lakh shares changed hands in 78,30,246 trades and the market capitalisation at NSE stood at Rs 99,93,139 crore.