Nifty breaches 11,000 and Sensex 36,000 mark on fund inflows

Uninterrupted foreign fund inflows amid strong corporate earnings and positive global leads drove the benchmark indices to fresh life time highs.

The NSE Nifty crossed the historical 11,000 level for the first time while the BSE Sensex hit another record high of 36000 in opening trade after a rally in metal, oil & gas and IT stocks.

The 50-issue Nifty breached the historic 11,000 level by gaining 56.80 points, or 0.51 %, to trade at all-time high of 11,023.00. It bettered its previous intra-day high of 10,975.10 touched yesterday.

The flagship BSE Sensex too trade at new record high of 36,000 breaking its previous record high of 35,827.70 reached in Monday’s trade.

Trading sentiment remained extremely bullish backed by sustained capital inflows by foreign funds and widespread buying by retail investors, driven by strong earnings by some more bluechip companies that helped key indices to scale new peaks, brokers said.

Moreover, record closing on Wall Street as lawmakers agreed a budget deal to reopen the US government and a firming trend at other Asian markets too bolstered trading sentiment s here, they added.

The best performers during initial trade were Axis Bank, Infosys, Reliance Industries, ONGC, Coal India, Tata Steel, Yes Bank, Bajaj auto, SBI, ICICI Bank, Dr Reddy’s, Kotak Bank, HDFC Ltd, and Hero MotoCorp with gains of up to 2.16 %.

Among other Asian markets, Hong Kong’s Hang Seng index was up 0.88 per, Japan’s Nikkei rose 0.93 %, while Shanghai Composite Index gained 0.70 % in their early deals.

The US Dow Jones Industrial Average ended at new high in yesterday’s trade, by rising 0.55 %.

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Source:The Hindu