Published on 30/10/2017 9:53:43 AM | Source: IANS
Sensex, Nifty50 at fresh highs; auto, oil & gas stocks soar
Key Indian equity indices on Monday scaled fresh highs during the mid-afternoon trade session due to broadly positive global cues along with a strong rupee and healthy buying in consumer durables, automobile and oil and gas stocks.
According to market observers, expectations of faster economic growth on the back of the recently announced recapitalisation measures for state-run banks as well as hopes of better quarterly results kept investors' sentiments upbeat.
On intra-day basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched a record high of 33,332.06 points, while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10,383.80 points.
At 1 p.m., the NSE Nifty50 traded at a new high of 10,369.50 points, up 46.45 points or 0.45 per cent, from its Friday's close.
The Sensex, which opened at 33,260.10 points, traded at a record high of 33,279.90 points -- up 122.68 points or 0.37 per cent -- from its previous close at 33,157.22 points.
"The BSE Sensex opened over 100 points higher on Monday against the previous session's closing. The broader NSE's Nifty too rose in the morning hours. The Indian rupee strengthened against the US dollar," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
"The shares of ONGC, Maruti Suzuki, Bharti Airtel rose whereas the shares of Dr Reddy's and Kotak Bank fell. Markets are going stay volatile ahead of result season this month," he added.
On Friday, a massive bout of profit booking subdued the key indices to close on a flat note after touching record new intra-day highs.
The NSE Nifty50 slipped by 21 points or 0.20 per cent to close at 10,323.05 points, while the Sensex closed at 33,157.22 points, higher by 10.09 points or 0.03 per cent.