The IMF chief on Saturday the Indian economy is on a "very solid track" in the mid-term, which triggered all-round buying activity
The stock markets scaled new peaks in the truncated trading week ahead of Diwali buoyed by encouraging start to second quarter results, falling inflation and positive comments by International Monetary Fund (IMF) chief Christine Lagarde.
The 30-share BSE Sensex surged 200.95 points, or 0.62%, to hit a fresh closing peak of 32633.64. NSE Nifty, rose 63.40 points, or 0.62%, ending at a fresh lifetime high of 10230.85 as domestic institutional investors bought heavily.
It broke its previous record closing of 10167.45 on October 13.
The IMF chief on Saturday the Indian economy is on a "very solid track" in the mid-term, which triggered all-round buying activity.
Bharti Airtel rose 4.96% following the announcement of the acquisition of Tata group's loss-making mobile business almost for free. Mahindra and Mahindra (3.08%), Tata Motors (2.85%), Hindustan Unilever (2.63%), Sun Pharma (2.52%), Cipla (2.42%), Dr Reddy's (1.93%), Bajaj Auto (1.80%) and TCS (1.11%), were among other gainers on the Sensex.
Axis Bank, Wipro, Maruti and NTPC were among laggards.
"Q2 results will gather significance in coming days with the earnings of Index heavyweights and decide the market's momentum," Vinod Nair, head of research, Geojit Financial Services, said.
The rupee appreciated to 64.68 against the dollar.
Wholesale inflation softening to 2.6% in September from 3.24% in August and exports growing at a six-month high rate of 25% in the month enthused investors.
With upbeat global cues coupled with most international markets being in a strong uptrend, valuation compared to other emerging peers continues to look expensive, experts said.
Among sectoral indices, telecom rose 4.23%, followed by metal (2.02%), healthcare (1.24%), teck (1.23%), auto (1.19%), realty (1.07%), consumer durables (0.77%), FMCG (0.60%), IT (0.57%), oil & gas (0.43%), capital goods (0.28%) and PSU (0.16%).
Experts see the current strength continuing into the Muhurat session on Thursday. In the backdrop of Mahurat trading, experts advise against trading till the Diwali weekend is over.
On the global front, Asian markets were seen firming and European shares were tracking gains across the US and Asia as investors pinned hopes on strong earnings season. In Europe, stock exchanges in Frankfurt and Paris were up 0.20% each in early trade. London's FTSE also rose 0.30%.
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Bharti Airtel rose 4.96% following the announcement of the acquisition of Tata group's loss-making mobile business almost for free. Mahindra and Mahindra (3.08%), Tata Motors (2.85%), Hindustan Unilever (2.63%), Sun Pharma (2.52%), Cipla (2.42%), Dr Reddy's (1.93%), Bajaj Auto (1.80%) and TCS (1.11%), were among other gainers on the Sensex.
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