Indian markets close at a new lifetime high; Nifty ends above historic 8000 points

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, September 1, 2014, 15:28 [IST]

The Sensex and the Nifty conquered fresh peaks in trade as better than expected GDP saw fresh buying interest in stocks.

The Sensex closed at a new record high of 26,867 points, up 229 points, while the Nifty closed the day above the 8000 points level for the first time ever at 8027 points.

Autos and two-wheeler manufacturers were the clear winners in trade with Maruti surging a huge 4 per cent on robust sales numbers for August, while Hero Motor Corp ended the day with gains of over three per cent. Private sector banking stocks saw huge buying interest with ICICI Bank, Yes Bank and IndusInd Bank among the gainers.

PSU banking stocks which have been languishing following a series of scams also ended the day sharply higher. Andhra Bank, Canara Bank, Oriental Bank of Commerce and Union Bank of India were among the gainers.

Select metal stocks which are awaiting a judgement on the coal block allocation ended the day higher. Hindalco surged more than 3 per cent, while Jindal Steel was up almost 6 per cent in trade. Bhushan Steel, however, continued to languish at the lower end of the circuit filter.

Mid cap stocks also saw a huge uptick with Karnataka Bank, JSW Energy and Jain Irrigation among the winners.

Meanwhile, markets in Europe were trading marginally lower, while most of Asia ended the day with gains.

GoodReturns.in