Markets: Nifty celebrates early Diwali, closes at record high

It was an early Diwali on Dalal street as key indices closed sharply higher for the second consecutive session over positive macro data and high hopes for early resolution to telecom NPAs post telecom deals.

Riding on the tailwinds of strong IIP numbers, the Nifty today flew to a record close at 10,167 and the Sensex hit off an over two-month high as investors threw
caution to winds and went ahead with more buying.

Sensex adding 618.47 points, or 1.94 per cent -- the biggest such weekly jump since July 14 when it read 660.12 points, or 2.10 per cent -- and the NSE Nifty soared 187.75 points, or 1.88 per cent.

Industrial production expanded to a 9-month high of 4.3 per cent in August while retail inflation came in at 3.28 per cent in September, unchanged from August.

"Better IIP figures have given reasons for investors to resume buying, pushing behind fears of soft corporate numbers. IT results have also worked to this end, pushing indices to newer heights, adding to the crescendo of positive vibes ahead
of the festive season," said Anand James, Chief Market Strategist, Geojit Financial Services.

Bharti Airtel was among the top gainer, surging 7.89 per cent to Rs 431.60 as the company announced acquisition of Tata group's loss-making mobile telephony business, almost for free, boosting its spectrum holding and user base.

(With inputs from Agencies)