Nifty breaches landmark 6,500 to hit lifetime closing high

Mar 07 2014, 20:31 IST
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Strong appetite for Indian stocks due to improving domestic macro outlook. PTI Strong appetite for Indian stocks due to improving domestic macro outlook. PTI
SummaryStrong appetite for Indian stocks due to improving domestic macro outlook...

Strong appetite for Indian stocks due to improving domestic macro outlook amidst global buoyancy provided took the bellwether Nifty to a milestone of a 6,500-points close, at a new lifetime high on the NSE today.

The bull-run powered by uninterrupted inflows from foreign institutional investors (FIIs) propelled benchmarks by a massive 125.50 points, or 1.96 per cent - its biggest single day gain in the current calender year, to conclude at 6,526.65 after briefly hitting a new all time peak of 6,537.80 in early trade.

The surge was singlehandedly in financial stocks led by heavyweights followed by energy, FMCG, infra, auto, metal and realty shares. However, under stron pressure on the rupee, technology pivotals witnessed heavy unwinding alongwith healthcare stocks.

Sentiment was the single most important factor that seemed to have driven the markets on the hope that a new government would be investor and market friendly, against the backdrop of perceived improvement in India's economic scenario including a sharp drop in its Current Account Deficit (CAD).

Narrowing CAD and rupee stability compared to last year when "taper" fears rocked the country with the possibility of downgrading has been turned it an attractive destination for FIIs, a trader said.

There was some light profit-taking pressure at higher levels towards the fag-end session by cautious investors.

DLF, JP Associates, BHEL, Bank of Baroda, ICICI Bank, Axis Bank, Reliance, L&T, Maruti and Bharti Airtel were the among the top index stock gainers.

Notable losers included Dr Reddy's, Wipro, Infosys, Sun Pharma, Lupin, HCL-Tech, TCS, NMDC, NTPC and Ranbaxy.

Turnover in the cash segment shot-up to Rs 19,150.48 crore from Rs 13,053.55 crore yesterday. A total of 10,142.9 lakh shares changed hands in 82,75,965 trades, while market capitalisation stood at Rs 69,67,142 crore.

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