Mumbai: The benchmark Sensex zoomed to hit near one year highs to pile up 440.35 points to amply regain the psychological 28K-level to finish at 28,343.01, while the broader Nifty hit near 16-month highs to close above the key 8,700-level lifted by slew of positives and higher global cues.
Overnight gains that triggered a rally in broader Asian markets and subsequent European opening, while upbeat domestic sentiment over sustained buying by foreign institutional investors (FIIs), a slew of positive corporate results as well as RBI’s bullish annual growth report bolstered the sentiment.
Firm trading momentum witnessed as retail investors and funds piled up positions in key front-line shares across the sectors led by Auto, IT, Capital Goods, Banks, Financials, Metals, Consumer Durables, Oil & Gas, Power, Realty, Teck Infrastructure, HealthCare, PSUs, Energy, Utlities and Basic Materials.
The secondline midcap and smallcap companies also witness heavy buying, however, Telecom sector witness selling.
The Reserve Bank of India (RBI) reported a near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent this year, primarily due to better monsoon, as well as better money in the hands of government employees owing to the seventh pay commission, while it underlined bearish global growth.
The 30-share Sensex resumed gap-up 28,012.46 and moved between a high of 28,478.02 and a low of 28,010.66 before concluding at 28,343.01, (the sensex closed on jury 23, 2015 at 28,370.84) showing a gain of 440.35, or 1.58 per cent over its last close,
The NSE Nifty also climbed 136.90 points, or 1.59 per cent, to 8,744.35 after trading between 8,750.60 and 8,642.25. (The key index closed at April 15,2015 at 8,750.20).
Elsewhere, Asian stocks ended higher, while European market also opened higher tracking overnight gains in US market weighed by increased prospects for Federal Reserve rate hike this year.
