Markets bullish: Sensex, Nifty scale record heights

Markets bullish: Sensex, Nifty scale record heights

Domestic equities surged on the last trading day of the week as the markets picked up momentum in the noon session on the back of strength in banking and oil stocks and also amid growing investor confidence that new Prime Minister Narendra Modi will take steps to boost economic growth.

Meanwhile, the BSE Sensex garnered 318.95 points or 1.31 per cent to settle at 24,693.35, a record closing high. The index jumped 371.46 points at the day's high  in late trade and rose 96.38 points at the day's low in early trade.

The 50-unit CNX Nifty at NSE garnered 90.70 points or 1.25 per cent to settle at 7,367.10, a record closing high. The index hit a high of 7,381 and a low of 7,293.90 in intraday trade.

From broader markets, the BSE Mid-Cap index garnered 150.10 points or 1.76 per cent to settle at 8,668.32, while the BSE Small-Cap index garnered 167.34 points or 1.87 per cent to settle at 9,128.04. Both these indices outperformed the Sensex.

The optimistic cues from the global front have also added to the positive mood on Dalal Street. The barometer index of the BSE and the 50-unit CNX Nifty, both, attained record closing high, while the broader markets continued their outperformance for the fifth consecutive session.

Volatile trade

Index heavyweight and cigarette major ITC declined in volatile trade after declaring fourth quarter result during trading hours, while another index-heavy Reliance Industries (RIL) rose in volatile trade. 

The country's premier lender State Bank of India (SBI) surged to 52-week high in volatile trade as the bank's sticky loans declined on sequential basis in fourth quarter. 

Shares of a number of other Public Sector Unit banks rose after SBI's fourth quarter results, with Punjab National Bank hitting 52-week high.

The market breadth indicating the overall health of the market was strong, with 2,267 shares on BSE gained and 912 stocks fell, while a total of 92 scrips were unchanged. The total turnover on BSE amounted to Rs 5425 crore, which is higher than Rs 5390.67 crore on Thursday.

On the global front this day, European stocks reversed initial losses. Key benchmark indices in France and Germany were up 0.06 to 0.17 per cent. In UK, the FTSE 100 was off 0.3 per cent.

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