Mumbai, Oct 30 (IANS) With hopes of better quarterly results, coupled with a strong rupee and healthy buying in consumer durables, automobile and oil and gas stocks, lifting investors' sentiments, key Indian equity indices on Monday scaled fresh highs both on closing as well as intra-day basis.
According to market observers, index heavyweights like Lupin, ONGC and Tata Motors, along with expectations of faster economic growth on the back of the funding policy for state-run banks announced last week, aided in the upward trajectory of the key indices.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at a fresh high of 33,266.16 points -- up 108.94 points or 0.33 per cent -- after touching a record high of 33,340.17 points intra-day.
The broader Nifty50 of the National Stock Exchange (NSE), which touched an intra-day record high of 10,384.50 points, closed at a new high of 10,363.65 points.
The BSE market breadth was bullish -- 1,693 advances and 1,021 declines.
"Carrying on from last week, markets surged higher on Monday to close with healthy gains. A record close in US markets on Friday helped the Indian markets surge higher," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.
"Technically, with the Nifty surging higher and closing at new life highs, the underlying trend remains up," he added.
In terms of the broader markets, the S&P BSE mid-cap index closed higher by 1.13 per cent and the small-cap index by 1.25 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: "Strengthening rupee and affirming signs of recovery in domestic earnings season continued to lift the market. Infra, PSU banks and auto stocks are performing well due to stimulus package and likely good sales data due to festival demand."
"On the global front, market participants are likely to stay conservative ahead of the two days FOMC (Federal Open Market Committee) meeting from tomorrow (Tuesday)."
On the currency front, the rupee strengthened by 20-21 paise to close at 64.85-86 against the US dollar from its previous close at 65.05.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 186.04 crore, whereas domestic institutional investors (DIIs) purchased stocks worth Rs 139.68 crore.
"The benchmark Sensex and the broader Nifty on Monday jumped to new life highs of 33,295 and 10,369, respectively, with encouraging quarterly earnings sending out a positive signal among investors. PSU, consumer durables, infrastructure and auto stocks remained in the lead," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
"Positive Asian shares added to optimism. State-run lenders drove the indices higher, with the Nifty PSU bank index rising as much as 4.3 per cent," he added.
All the sub-indices on the BSE ended in green, barring the FMCG index, which fell by 42.71 points, and the metal index by 26.18 points.
Sector-wise, the S&P BSE consumer durables index surged by 428.09 points, followed by the automobile index by 213.24 points and the capital goods index by 190.24 points.
Major Sensex gainers on Monday were: Lupin, up 2.67 per cent at Rs 1,027.55; Tata Motors (DVR), up 2.38 per cent at Rs 243.35; ONGC, up 1.69 per cent at Rs 186.65; Bharti Airtel, up 1.59 per cent at Rs 492.80; and Dr. Reddy's Lab, up 1.57 per cent at Rs 2,433.
Major Sensex losers were: Hindustan Unilever, down 1.71 per cent at Rs 1,235.90; ITC, down 1.56 per cent at Rs 265.15; Wipro, down 1.15 per cent at Rs 293.20; Tata Steel, down 1.03 per cent at Rs 718.80; and Mahindra and Mahindra, down 0.83 per cent at Rs 1,374.45.
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.