Nifty50 hits record intra-day high, Sensex up over 300 points

Buildings are reflected on the glass windows of the NSE building in Mumbai India

Buildings are reflected on the glass windows of the NSE building in Mumbai India

Among individual share moves, Bharti Airtel rose as much as 9.2 per cent to its highest since August 29 and was the top percentage gainer on both Nifty and Sensex, while Tata Teleservices (Maharashtra) Ltd jumped 9.9 per cent. It rose 1.94 percent for the week, its biggest such gain since the week ended July 14.

According to market observers, healthy domestic factory output data, coupled with a strong rupee and healthy buying in banking, metal and consumer durables stocks, drove the rally of the key indices. Bharti Airtel jumped 7.7 percent.

US stocks closed modestly lower on Thursday partly due to profit taking following the upward trend seen over the past several sessions. Banks such as Kotak Bank (up by 2.20%), HDFC Bank (1.89%), ICICI Bank (1.44%), Axis Bank (0.91%), and SBI (0.34%) were among the leaders in the pack.

The Nifty 50 ended at fresh record closing high on Friday as investors cheered macro data, earnings and telcos deals. Market players said the reading sparked hopes of an economic recovery and of a less hawkish stance from the central bank.

The Nifty on Friday hit a record high of 10,167.45 and the Sensex closed at over two-month high, as investors went on a buying spree after industrial production expanded to a 9-month high of 4.3 per cent in August and retail inflation came in at 3.28 per cent in September.

The gauge had shot up 348 points on Thursday. In the pre-opening session, Sensex up over 50 points while the wider Nifty was above 10,150.

The 30-share barometer settled higher by 250.47 points, or 0.78 percent, to 32,393.26 after moving in range of 32,508.59 and 32,247.74.

Bharti Airtel was the big gainer in the rally, surging 7.89 per cent to Rs 431.60 as the company announced acquisition of Tata group's loss-making mobile telephony business, nearly for free, boosting its spectrum holding and user base. In intra-day trade, Nifty had also hit an all-time high of 10,167.45, thus consolidating the broader market above the 10,000-mark.

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