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Sensex, Nifty At New Highs On U.S. Growth, Japan Stimulus

Friday, October 31, 2014
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MUMBAI: Indian stocks on Friday galloped to new highs with benchmark Sensex surging 519.50 points to 27,865.83 and Nifty soaring 153 points to cross the 8,300 mark tracking a strong global rally on robust US economic growth and a surprise ramping up of Japan's monetary easing programme.

Besides, continued inflows on solid corporate earnings and optimism over India's growth also helped markets boost investor wealth by nearly Rs.1.5 lakh crore in a single session. Six stocks rose for every 10 traded on BSE with capital goods, oil & gas, IT and power scrips leading rally.

The 30-share Sensex opened on a strong footing and rose to new intra-day record high of 27,894.32. It settled for the day at 27,865.83, a new record at closing, by gaining 519.50 points or 1.90 per cent. Its previous record closing high was 27,346.33 reached in yesterday's trade.

In four days, Sensex has gained over 1,100 points. For the week, it rose by over 1,000 points.

"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 percent in the September quarter.
Source: PTI

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