NSE Nifty scales fresh highs, goes up by 32 points

Written by PTI | Mumbai | Updated: Apr 3 2014, 01:11am hrs
The market maintained its bull run to attain fresh record highs as broadbased buying led the benchmark to garner another 31.50 points end above the 6,750- mark at National Stock Exchange (NSE) here today.

Strong FII inflows amid optimism about general elections this month continued to propel market sentiment supported by higher global cues.

Barring FMCG and metal counters, almost all sectoral indices including banking, energy, pharma, auto and infra counters witnessed good buying activity, even as shares of mid-cap and small-cap companies surged on value buying, gaining 1.46 per cent and 2.42 per cent.

Meanwhile, FIIs bought shares worth a net Rs 385.66 crore yesterday, as per provisional stock exchange data.

The market opened higher to hit fresh highs on firm Asian cues and continued to trade positive. During the morning session, it traded range-bound, while during the afternoon, it trimmed some gains. A higher European opening led to the benchmark touching a new record level.

Almost all banking stocks were in the limelight after the Election Commission allowed the Reserve Bank of India (RBI) to announce new bank licences.

State-owned Bank of Baroda rallied 5.19 per cent and non-banking finance heavyweight IDFC surged 3.82 per cent, while telecom major Bharati Airtel gained 3.33 per cent. However, Asian Paints fell by 2.58 per cent and ITC fell by 2.16 per cent on profit booking.

The 50-share Nifty hovered between a high of 6,763.50 and a low of 6,723.60, before settling at 6,752.55 points, up by 31.50 points, or 0.47 per cent, over its last close.

Other top gainers were PNB, Tata Motors, SBIN, Larsen & Toubro, ONGC, Indusindbk and CIPLA. While, Jindal Steel, ACC, SSLT, Hindalco, Coal India, Ultracemco, Ambuja Cem and Grasim incurred profit booking.

Turnover in the cash segment jumped to Rs 16,195.34 crore from Rs 13,381.22 crore yesterday. A total of 9,043.58 lakh shares changed hands in 77,49,636 trades, while market capitalisation stood at Rs 73,52,836 crore.