The bulls are on a rampage. On Tuesday, they spearheaded a robust broad-based rally, emerging from the lull in the past two days. The Nifty 50 went past the 9300-level on Tuesday for the first time reaching its new lifetime closing high of 9306 on strong earnings and upbeat global cues, after soaring 88.65 points, or 0.96%. The index surpassed the previous record close of 9265.15 made on April 5, rising over 13% year-to-date.
Intra-day, it surged to 9,309.20.
Bharti Infratel rose 4.76%, Axis Bank (3.90%), BPCL (3.55%), while Mahindra and Mahindra (3.35%), IOC (3.31%). HeroMotocorp (2.98%) Bharti Airtel (2.52%), Ultra Tech Cement (2.33%), Hindustan Unilever (2.15%) and Asian Paints (1.98%).
Tata Power, Cipla, TCS, NTPC and Aurobindo Pharma, GAIL, HCL Technologies ended in the red.
The BSE 30-share Sensex zoomed 287.40 points, or 0.97% to close at 29943.24, after shuttling between 29961.82 and 29780.84. However, the benchmark index continued to be under the 30000 mark, despite widespread buying, spurred by upbeat results and positive global sentiment. Major gainers were M&M (3.40%), Axis Bank (3.40%), Bharti Airtel (3.18%), HeroMotocorp (2.93%), Asian Paints (2.40%), HUL (2.13%), ITC (1.79%), Power Grid (1.44%), Dr Reddy's (1.43%), among others.
Experts foresee a continuation of the ongoing optimism.
For the coming session, 9328 – 9390 are seen as intra-day resistances levels whereas 9280–9250 are likely to provide support. Decent amount of fresh positions have been formed in 9250 and 9300 put options, indicating base shifting higher for the Nifty. The index is likely to hit the 9400 mark soon, believe experts.
An array of good quarterly earnings from index heavyweight RIL and appreciating rupee provided impetus to the buying activity. The rupee rose 18 paise to touch Rs 64.26 against the dollar.
"Earnings from both private as well as the public sector have shown encouraging signs, lifting banking stocks while Nifty's surge to 9300 gave added vigour to market. Government's push in the infra and affordable housing space has also kept housing, cement and realty stocks buzzing, said Anand James, chief market strategist, Geojit Financial Services.
Globally, key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan rose 0.16 – 1.31%. European stocks were trading higher, extending previous day's gains, as investors monitored political developments in France ahead of the European Central Bank's policy meeting later in the week. In Europe, France, Germany and the UK rose 0.03% to 0.18%. The US markets rallied Monday as concerns over France's potential exit from the euro currency bloc eased. The Dow Jones Industrial Average jumped 216.13 points to close at 20763.89.
NEW HIGHS
- Nifty surpassed the previous record close made on April 5
- Good earnings, appreciating rupee spurred buying activity
- Bharti Infratel rose 4.76%, Axis Bank 3.90%, among others
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "NSE")
)
)
)
)
)
)
)
)
)
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}