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Sensex rallies 320 pts, Nifty ends at new lifetime high

Sensex rallies 320 pts, Nifty ends at new lifetime high

Mumbai: The Sensex rallied over 320 points while the broader Nifty ended at its fresh lifetime high on Thursday as investors poured money into infra, banking and energy stocks amid strong global cues.

The 30-share BSE Sensex ended 320.62 points, or 0.78 per cent, higher at 41,626.64.

Similarly, the NSE Nifty closed 99.70 points, or 0.82 per cent, up at 12,282.20 -- its new closing record.

Sentiment remained bullish for the second straight day after PMI data showed that the country's manufacturing sector activity improved in December, driven by new orders that rose at the fastest pace since July, traders said.

GST collections remaining above the Rs 1 lakh crore-mark in December also indicates that consumption recovery has taken hold, they added.

Additionally, global markets were buoyed by the Chinese central bank's fresh stimulus for the country's slowing economy.

Ultratech Cement was the top gainer in the Sensex pack, surging 4.37 per cent, followed by Tata Steel, IndusInd Bank, L&T, Reliance Industries, SBI, HDFC, HDFC Bank, Axis Bank, ONGC and ITC.

On the other hand, Bajaj Auto, TCS, Infosys, NTPC, Nestle India, Kotak Bank and Hero MotoCorp fell up to 0.89 per cent.

"Government's more than double capex plan for the next 5 years and uptick in steel prices with the announcement of US-China deal signing date pushed the market higher led by sectors such as infra, commercial vehicles, cement and metals.

"Strong expectation in union budget, positive data like GST revenue and India factory production at 7-month high brought a broad based rally," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE basic materials, metal, capital goods, industrials, energy, realty and finance indices ended up to 2.94 per cent higher, while IT and teck closed with losses.

Broader BSE midcap and smallcap indices rallied up to 1.44 per cent.

Agencies

Agencies

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