Benchmarks resume record run on Eco Survey boost

Equities resumed their record- setting spree today after an upbeat growth forecast by the Economic Survey gave fresh impetus to investor sentiment.

The BSE Sensex spurted 233 points to end a fresh lifetime high of 36,283.25, while the broader Nifty too finished at record 11,130.40.

India will re-establish itself as the world's fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19, up from 6.75 per cent in the current fiscal, said the Economic Survey tabled in Parliament today.

The beginning of February derivatives contracts and unabated foreign fund inflows amid encouraging corporate earnings added to the optimism, brokers said.

The 30-share Sensex, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98.

However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24.

The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent.

It broke its previous closing record of 11,086 reached on January 24.

"Benchmark indices continued their up-move supported positive global cues and strong liquidity. Market cheered the GDP growth estimates of 7-7.5 per cent for 2018-19 released by the Economic Survey.

"Currently market is expecting a good Budget with focus on fiscal prudence and reducing rural distress. Additionally, good Q3 results from index heavyweights have taken markets to new high. But due to premium valuation, investors were cautious on the mid and small cap stocks," said Vinod Nair, Head of Research, Geojit Financial Services.

The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year.

Meanwhile, foreigners bought shares worth Rs 937.31 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 965.67 on Thursday, provisional data showed.

Shares of the country's largest carmaker Maruti Suzuki emerged as the top performer among Sensex components, climbing 3.85 per cent after the company reported 2.96 per cent increase in net profit for the third quarter ended December 31, 2017.

Stocks of mortgage lender HDFC Ltd rallied 2.66 per cent after the company today reported over two-fold jump in its consolidated net profit at Rs 6,677.06 crore for the third quarter ended December 2017.

Other major gainers were TCS, Hero MotoCorp, Kotak Mahindra Bank, Hindustan Unilever, Tata Steel, Bajaj Auto, HDFC Bank, Sun Pharma, L&T, Infosys, M&M, Wipro, Coal India, IndusInd Bank and Asian Paints, rising by up to 2.48 per cent.

Dr Reddy's, Bharti Airtel, ITC, Yes Bank, ONGC, Axis Bank and SBI ended in the negative zone, falling up to 5.92 per cent.

In sectoral terms, the BSE auto index gained the most at 1.60 per cent, followed by IT 1.16 per cent, teck 0.92 per cent, consumer durables 0.60 per cent, metal 0.24 per cent, capital goods 0.17 per cent and bankex 0.14 per cent.

However, PSU, infrastructure, healthcare, oil and gas, power, realty and FMCG ended in the red, falling up to 1.22 per cent.

In contrast, the broader markets were under pressure as investors trimmed their positions at higher levels. The BSE small-cap index declined 1.10 per cent, while the mid-caps fell 0.73 per cent.

Sentiment was also buoyed by positive opening in European markets, tracking record closing at the Wall Street on Friday, brokers said.

In the Eurozone, Frankfurt's DAX was up 0.06 per cent, while Paris CAC 40 gained 0.03 per cent in their late morning trade. London's FTSE was up 0.13 per cent.

In the Asian region, most markets were down. Hong Kong's Hang Seng fell 0.56 per cent, while Shanghai Composite Index shed 0.99 per cent. Japan's Nikkei also fell 0.01 per cent.