Markets@Moneycontrol: Sensex, Nifty end October series on a record high note

Markets@Moneycontrol: Sensex, Nifty end October series on a record high note

The index touched its life high of 33,117.33 intra-day.

The S&P BSE PSU Index gained 1 percent.

The 30-share BSE index Sensex soared 509.99 points or 1.56 per cent to quote at an all-time high of 33,117.33 points, breaching its previous record high (intra-day) of 32,699.86 hit on October 17.

"The BSE Sensex surged over 500 points to hit an all time high of 33,117.33 in the opening session on Wednesday after the finance ministry on Tuesday announced a Rs2.11 trillion bank recapitalization plan for state-owned lenders". Meanwhile, the broad based NSE Nifty went up by 48.45 or 0.47% at 10,343.80 with 30 components posting rise. Even global cues supported the Indian indices as major Asian and European markets ended on a positive note, barring the Nikkei index.

"Some volatility was seen on the back of the derivative expiry of the near month October series".

"The government's recapitalisation plan sparked astonishingly steep gains in PSBs", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd. Both the indices outperformed the Sensex.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 3582.50 crore Wednesday, as per provisional data released by the stock exchanges.

The rupee continued to remain firm, still up by 13 paise to 64.76 against the USA currency on sustained selling of the greenback by banks and exporters in view of weak dollar overseas.

The metal sector stocks too rallied with the BSE metal index rising 1.72 percent or 254 points to 14,988 level.

Sector-wise, oil&gas jumped 2.19 per cent, followed by metal 2.07 per cent, capital goods 1.26 per cent, PSU 1.26 per cent, auto 0.62 per cent, healthcare 0.59 per cent, power 0.45 per cent and realty 0.37 per cent.

Major Sensex gainers on Thursday were: Cipla, up 3.18 per cent at Rs 612.40; Maruti Suzuki, up 2.60 per cent at Rs 8,076.50; Axis Bank, up 2.48 per cent at Rs 484.40; Tata Steel, up 1.72 per cent at Rs 729.45; and Larsen and Toubro, up 1.68 per cent at Rs 1,224.65.