The benchmark Sensex today surged about 135 points to end at over one-month closing high of 29,593.73 while the NSE Nifty index topped 9,000 mark for the first time on continued optimism over economic reforms and solid foreign fund buying in RIL, TCS and Sun Pharma shares.
The NSE Nifty, after hitting all-time high of of 9,008.40 in the fag-end, ended at new closing peak of 8,996.25 -- a rise of 39.50 points or 0.44 per cent. The Nifty has surpassed its previous life high of 8,996.60 hit on January 30. It also beat its previous closing peak of 8,956.75 yesterday.
Markets have gained in the last 4 days with benchmark indices spurting over 3.5 per cent. Growth-oriented Budget proposals have also boosted investor optimism, brokers said.
The sustained rally has been possible as participants shrugged off data showing slower growth in eight core industries in January and fiscal deficit in April-January period breaching the budget estimate, they added.
Overcoming the initial choppiness and volatility, the key indices witnessed a strong rebound in late afternoon trade led by index heavyweight Reliance Industries following expectations of solid earnings show as crude price rebounded.
IT giant TCS also spurted about 4 per cent, followed by 2 per cent gains in HDFC and Sun Pharma. The drug major will buy GSK’s Opiates business in Australia.
The BSE Sensex opened a tad higher at 29,500.19 and swung between a high of 29,636.86 and a low of 29,364.87 before ending at 29,593.73 -- a gain of 134.59, or 0.46 per cent.
Sentiment also remained upbeat on expectations that the government will try to push its big reform measures including the much awaited Insurance Bill and Coal Mines Bill in the ongoing Parliament session.
Among the sectoral indices, strong buying was seen in oil&gas and refineries followed by IT, Tech and Healthcare. Realty, Auto, Metal and Banking succumbed to selling pressure.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, as per provisional data from stock exchanges. Barring South Korea’s Kospi index which settled at a new five-month high, elsewhere in Asia most equity indices ended sharply lower. Profit-taking was witnessed as a surprise interest rate cut by the Chinese central bank failed to maintain its momentum in the market, say analysts.
European markets, however, were trading firm reacting to slew of earnings.
Back home, as many as 19 scrips among 30 Sensex shares ended in the green while the remaining 11 were in the red.
The total market breadth continued to rule firm as 1,677 stocks ended in positive terrain, 1,176 ended in negative while 143 ruled stable.
Major Sensex gainers included RIL 4.39 per cent, TCS 3.92 per cent, Bajaj Auto 2.18 per cent, Cipla 2.14 per cent, Sun Pharma 2.01 per cent, HDFC 1.94 per cent, Sesa Sterlite 1.63 per cent, Tata Power 1.34 per cent, Wipro 1.27 per cent and Hindalco 1.15 per cent.
Notable losers were M&M down 3.26 per cent, Axis Bank 2.34 per cent, Tata Motors 1.63 per cent and NTPC 0.72 per cent.
Coal India shares went ex-dividend.
Among the S&P BSE sectoral indices, Oil&gas jumped by 2.21 per cent, followed by Healthcare 1.33 per cent, IT 1.45 per cent, TECK 1.27 per cent and Consumer Durable 0.59 per cent. However, Realty tumbled by 1.19 per cent, Auto by 0.86 per cent and Metal by 0.65 per cent.
The total turnover on the BSE dropped to Rs 4,224.06 crore today compared to 4,647.93 crore yesterday.