Sensex, Nifty surge to another record high; US GDP propels global markets

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The Sensex and the Nifty closed the day at another record high propelled largely by global markets that rallied following higher than expected US GDP numbers.

The Sensex closed the day higher by 513 points to a record closing high of 27,865 points, while the Nifty rallied a huge 153 points on trade on relentless buying by FIIs in frontline stocks. Leading the set of gainers from the Nifty was Gail which surged a huge four per cent after a better than expected set of numbers, while other notable winners were IDFC, HDFC, Maruti Suzuki and Tata Steel.

Sensex, Nifty surge to another record high; US GDP propels global markets
Shares in Bharti Airtel, however, dropped after its results fell short of market expectations. ITC was also subdued after its quarterly numbers lagged estimates.

PSU Banking stocks saw a spectacular run in trade with notable winners being Oriental Bank of Commerce and Bank of India.

Shares in Mahindra and Mahindra did not participate in the market rally after its results disappointed the street.

Mid cap stocks had a good run in trade with GMR Infra, Syndicate Bank and Reliance Capital gaining ground. Realty stocks continued to rise for a second day in a row after the government liberalised FDI for the sector. Stocks that gained ground were DB Realty and Unitech.

Meanwhile, markets across Europe staged a spectacular rally with the German DAX, French CAC and the UK's FTSE up more than one per cent each.

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