Nifty hits historic 8,000 mark

Written by PTI | Mumbai | Updated: Sep 2 2014, 02:09am hrs
Equities today surged ahead across the board lifting the benchmark Nifty to another historic peak and closed above 8,000 mark for the first time as confident investors cheered rebound in economic growth.

The bullish sentiment continued to build after fall in headline inflation, better exports data and robust corporate earnings. Economic growth witnessed a strongest spurt in two-and-half years to 5.7 per cent in the April-June quarter, boosted by manufacturing and services sectors.

Gross Domestic Product had grown 4.7 per cent in April-June quarter of the last fiscal. Growth had plunged to a decade-low amid policy inaction, corruption issues and uncertain global recovery.

Nifty today conquered the 8,000 landmark with heavy buying interest supported by firm global cues. The market remained on strong footing throughout the session.

The market is likely to see more record-breaking rallies in coming days, a trader commented.

The 50-share bellwether index jumped by a massive 73.35 points, or 0.92 per cent to end at 8,027.70 on the National Stock Exchange (NSE). It touched a life-time high of 8,035 in intra-day trading.

Barring healthcare, all sectoral indices finished in green led by banking, energy, auto, metal, infra, technology and infra.

Elsewhere in Asia, equities ended modestly higher amid caution taking cues from weekend record US finish bypassing disappointing Chinese factory activity data.

Among the stocks making big moves were country`s largest private sector lender ICICI Bank and the construction major L&T. Other smart movers included Hero motcorp, Maruti, SBIN, Axis Bank, Ultracemco, ONGC, Indusind Bank, TCS, GAIL, Sesa Sterlite, Hindalco, Cipla, Tata Steel, Bharti Airtel, Coal India and Grasim.

Key losers were Sun Pharma, ITC, HDFC, BHEL, Tata Motors, Hindunilvr, Wipro and M&M.

Turnover in the cash segment dropped to Rs 15,305.12 crore from Rs 20,399.51 crore last Thursday. A total of 8,072.03 lakh shares changed hands in 67,83,003 trades, while market capitalisation stood at Rs 91,81,211 crore.