Earnings, fund inflows strengthen key indices

Upbeat quarterly corporate earnings, along with an appreciable influx of foreign funds and healthy buying in IT stocks lifted the key Indian equity indices on Monday yet again, to record high levels, and thereby logging gains for the fourth-consecutive trade session.

The wider Nifty50 of the National Stock Exchange (NSE) closed higher by 71.50 points or 0.66 per cent at a new level of 10,966.20 points. The Nifty50 scaled a record intra-day high of 10,975.10 points. The barometer 30scrip Sensitive Index (Sensex) of the BSE too touched a new level of 35,827.70 points during intra-day trade. The Sensex closed at a fresh level of 35,798.01 points -- up 286.43 points or 0.81 per cent -- from its previous session's close. The BSE market breadth was bullish as 1,580 stocks advanced as against 1,318 declines. In the broader markets, the S&P BSE mid-cap index closed higher by 0.63 per cent and the small-cap index by 0.78 per cent. "Markets surged higher to yet another new record high after opening on a positive note. It was the fourth consecutive session of gains for the Nifty," Deepak Jasani, Head Retail Research, HDFC Securities, told IANS.

"The session began on a positive note on the back of firmness in global equity markets and rallied through the day, though there were bouts of volatility," he added. On the global front, major Asian markets closed on a positive note, barring the Kospi index. European indices like DAX and CAC 40 were trading in the red. "Indian benchmark indices continued the uptrend and closed at record highs with the help of positive corporate results and recent government measures, including a cut in the GST for certain sectors," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. Last week, the GST Council slashed GST rates on 54 services and 29 items.