Indian Stocks Market Jumps at new highs

Mumbai: Indian Stocks Market Jumps at new highs with Sensex surging 519.50 points to 27,865.83 and Nifty soaring 153 points to cross the 8,300 mark tracking a strong global rally on robust US economic growth and a surprise ramping up of Japan’s monetary easing programme. Continued inflows on solid corporate earnings and optimism over India’s growth also helped markets boost investor wealth by nearly Rs 1.5 lakh crore in a single session. Six stocks rose for every 10 traded on BSE today with capital goods, oil & gas, IT and power scrips leading rally.

Sensex bounced and rose to new intra-day record high of 27,894.32. It closed  at 27,865.83, a new record at closing, by gaining 519.50 points or 1.90 per cent. Its previous record closing high was 27,346.33 reached in yesterday’s trade. In four days, Sensex has gained over 1,100 points. For the week, it rose by over 1,000 points.Of the 30-share Sensex, 29 scrips led by HDFC, GAIL, L&T, Tata Power, Tata Steel, Dr Reddy, Infosys, Cipla and Coal India gained. SBI, ONGC, RIL, Axis Bank and Sun Pharma also rose.

This move revived the midcap index, that gained 1.24 per cent higher and the small-cap rose by 0.96 per cent. The BSE Capital Goods index gained the most by rising 2.66 per cent, followed by Oil & Gas index by 2.19 per cent, IT index 1.96 per cent, Power index 1.94 per cent, Metal index 1.91 and Banking index 1.76 per cent.

It seems thar much-needed reforms from the new government, strong Q2 performance by India Inc, Fed’s low-interest rate regime combined with Bank of Japan’s sudden stimulus announcement, US economic  grew 3.5 percent in the September quarter, gave markets across a great  boost.

The NSE Nifty  50 for the first time to hit a new lifetime high of 8,330.75, by ending at all-time high of 8,322.20. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,257.49 crore yesterday.