Nifty Hits 8000 Levels For First Time Since Nov 2015; Sensex At New 2016 High

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, May 26, 2016, 15:33 [IST]

Benchmark indices surged in trade for a second consecutive day, gaining more than 1000 points in 2-trading sessions.

Hopes of an economic recovery, better than expected monsoon and solid global cues, pushed the benchmark indices higher.

The Sensex ended the day higher by 485 points, led by a spectacular rally in Larsen and Toubro. The company reported a solid set of numbers for the quarter ending March 31, 2016, with profits and revenues mostly beating expectations. The stock ended the day higher by 13 per cent.

Nifty hit the 8000 level for the first time since Nov 2015, as global cues were backed by solid earnings and the Sensex hit the highest level in 2016.

State Bank of India was a big gainer in trade rallying as much as 4 per cent ahead of its results to be declared later on Friday.

Pharma stocks did not take part in the solid rally with stocks like Sun Pharma and Lupin ending the day flat to lower in trade,

Tata Steel, Reliance and Coal India were the other stocks that lost ground in trade. Private sector banking stocks had an excellent day in trade today with Karnataka Bank rallying almost 5 per cent, while ICICI Bank and Axis Bank were among the other gainers in trade. This was largely on the back of hopes of an economic recovery.

Shares in Tech Mahindra continued to rally for a second day in a row, after the company's performance beat analysts estimates.

Meanwhile, markets across Europe were trading with good gains, led by the German Dax and the French CAC.

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