Millennium Post

Foreign hot money lifts Sensex by 523 points to record 28,785

Extending its winning streak for the fourth day, benchmark index BSE Sensex on Tuesday surged by over 522 points to record a new closing high of 28,784.67, and NSE Nifty breached the 8,700-mark for the first time in its history.

The market rally was driven by strong buying in the banking space and recovery in metals and oil & gas counters. Traders said sustained foreign capital inflows also boosted investor sentiment. Earning season guidance and expectations from upcoming budget also aided the rally, brokers said.

HDFC at 5.84 per cent was the biggest Sensex gainer, followed by SSLT at 5.36 per cent, Tata Steel 4.50 per cent, Axis Bank 4.33 per cent and Tata Motors 3.78 per cent. The 30-share BSE index resumed higher remained in the positive terrain throughout the day before ending at at all-time closing high of 28,784.67, a steep jump of 522.66 points of 1.85 per cent from its previous close.

The 50-share NSE Nifty also rose by 144.90 points or 1.69 per cent to 8,695.60, its record closing high, after crossing 8,700-level for the first time in its history.

“Markets continued the good run and closed at a fresh high on the back of positive sentiments
emanating from the RBI rate cut, expectations of further reforms from the Government, expectations of ECB stimulus and a slightly netter-than-expected GDP number from China,” said Dipen Shah, Head, Private Client Group Research, Kotak Securities.

Asian markets ended higher after China reported its economy had not slowed as far as many had feared.
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