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US growth, Japan stimulus lift Sensex, Nifty to new peaks

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Indian markets on Friday ended the week with a bang with Sensex zooming 519.50 points and Nifty soaring 153 points to new highs for the second straight day in line with a strong global rally after Japan unexpectedly increased its monetary stimulus and US grew at a robust pace. Hopes of more reform measures from Modi government, expectations of better growth in the second half of the fiscal and heavy buying by foreign funds, also had a positive impact.

Investor wealth soared nearly Rs 1.5 lakh crore in a single session on Friday as six stocks out of every ten traded ended in the green. Barring consumer durables, all 11 other sectoral indices finished with gains between 0.45% and 2.66%. Capital goods, oil&gas, IT, power, banking, pharma, auto and realty segments lead the winners. Overall, 29 out of 30 Sensex-based scrips finished higher while only Bharti ended in the red. HDFC, Infosys, L&T, RIL, HDFC Bank, TCS, SBI Tata Motors, ONGC and ICICI Bank among others kept the market tempo upbeat.

The benchmark S&P BSE Sensex resumed strong and continued to move upwards to settle at its new historic high of 27,865.83, showing a rise of 519.50 or 1.90 %. During the week, it shot up by 1,014.78 points or 3.78 % and 1,866.49 points or 7.18 % in last nine out of ten days. The 50-issue CNX Nifty of NSE also flared up by 153 points, or 1.87 %, to end at new peak of 8,322.20. The Sensex and Nifty also logged new intra-day highs of 27,894.32 and 8,330.75 today. This was after they hit previous highs of 27,390.60 and 27,390.60 on Thursday.

"Much-needed reforms from the new government, strong Q2 performance by India Inc, Fed's low-interest rate regime combined with Bank of Japan's sudden stimulus announcement, gave markets across a sentiment boost," said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio. Sentiment was also boosted after the US released forecast-beating economic growth data on Thursday. The world's biggest economy grew 3.5 % in the September quarter.

 

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