NSE Nifty spurts 31 pts, tops 6,250 as fireworks continue on Dalal Street

PTI Posted online: Wednesday, Oct 30, 2013 at 0000 hrs
Mumbai : After a spectacular overnight rally, shares extended their fine run on strong buying and buoyant global mood as the benchmark NSE Nifty index topped the 6,250 mark on the National Stock Exchange (NSE) today.

The 50-share index ended at 6,251.70, showing a rise of 30.80 points, or 0.50 per cent, over its last close. The NSE Nifty touched a high of 6,269.20 in early trade.

The NSE Nifty had spurted nearly 120 points yesterday after the Reserve Bank raised repo rate by 25 basis points and lowered short-term interest rates at its policy meeting.

Markets Top Gainers, Markets Top Losers

After range-bound trade in initial stages, the key index picked up strength in late afternoon following heavy buying in select frontline heavyweights.

Also read: BSE Sensex at all-time high

FMCG, healthcare, capital goods and technology stocks witnessed good buying, while rate-sensitive stocks failed to maintain Tuesday's momentum.

Strong fund flows from overseas investors alongside healthy second quarter corporate earnings have supported the recent rally. Swelling optimism that US Federal Reserve will delay rollback of its USD 85 billion monthly asset-buying programme also boosted sentiments today.

Other Asian and emerging markets rallied to multi-month highs ahead of Federal Open Market Committee meet.

Bharti Airtel was the top index gainer after the leading telecom operator surprised the Street with better-than-expected revenues and operating margins in Q2, though net profit slipped by over 25.75 per cent on Q-on-Q basis.

Dr Reddy's, BPCL, Ranbaxy, Hindalco, IndusInd Bank, ICICI Bank, Bajaj Auto, BHEL and Asian Paint were the other smart movers. Key laggards included Axis Bank, Wipro, Bank of Baroda, Ambuja Cement, SBIN, HDFC Bank, Sesa Sterlite, DLF, JP Associates and L&T.

Turnover in the cash segment declined to Rs 11,833.02 crore from Rs 12,427.18 crore yesterday. A total of 6,052.65 lakh shares changed hands in 57,96,455 trades, while market capitalisation stood at Rs 66,24,610 crore.