Sensex, Nifty scale record closing highs

Sensex, Nifty scale record closing highs

NEW DELHI: Equity indices scaled yet another closing high on Monday with the benchmark BSE sensex rising over 450 points led by gains in metal, bank stocks despite weak global cues.
After scaling an intra-day high of 61,963, the 30-share BSE index jumped 460 points or 0.75 per cent to finish at fresh record of 61,766.
While, the broader NSE Nifty settled 138 points 0.76 per cent higher at new peak of 18,477.
Infosys was the biggest gainer in the sensex pack rising as much as 4.47 per cent followed by Tech Mahindra, Tata Steel, ICICI Bank and ITC.
While M&M, HCL Tech, Dr Reddy’s, Asian Paints, Bajaj Auto and HDFC Bank were the major losers falling up to 2.24 per cent.
Markets scaled record peaks despite mixed cues from global markets due to disappointing Chinese GDP numbers and fears over global inflationary pressure as a result of energy shortage.
Chinese GDP grew by just 4.9 per cent during the July-September quarter owing to lower-than-expected growth in industrial activity. However, the trend in the Indian market was bullish as PSU banks, metals, IT and energy stocks took charge of the rally, Vinod Nair, head of research at Geojit Financial Services told news agency PTI.
The Nifty Metals index surged 3.9 per cent, led by a 15 per cent jump in Hindustan Zinc, as global zinc prices spiked on production cuts.
The Nifty Energy index rose 1.9 per cent after crude prices hit their highest in years.
Further, Nifty PSU Bank index gained nearly 4 per cent after India’s largest private-sector lender HDFC Bank rose over 2 per cent to a record high after reporting a 17.6 per cent jump in September-quarter profit over the weekend.
Real estate developer Indiabulls Real Estate rose as much as 6.43 per cent after it reported a quarterly net profit against a loss last year.
“While some commodity prices have cooled down, certain metals like zinc, aluminum and copper are surging. Crude prices have also hit multi-year year highs. For now, producers will likely benefit from this surge,” AK Prabhakar, head of research at IDBI Capital told news agency Reuters.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 1,681.60 crore, as per exchange data.
(With inputs from agencies)

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