Positive macros, results push equities higher; Sensex closes above 61k

by IANS |

Mumbai, Oct 14 (IANS) Positive macro-economic wholesale inflation data as well as healthy Q2 results pushed equities higher on Thursday.

In the process, S&P BSE Sensex made an intraday high of 61,353.25 points and the NSE Nifty50 touched 18,350.75 points.

The two indices had a gap-up opening and held on to the initial gains encouraged by positive global cues.

Globally, stock markets rose on companies' earnings reports that indicated strong consumer demand.

On the domestic front, a key macro-economic data point showed that wholesale inflation had eased to 10.6 per cent in September from 11.4 per cent in August.

Sector-wise, realty, power, metals, capital goods and bankex gained the most, whereas, auto was the sole loser.

Consequently, the 30-scrip sensitive index traded at 61,305.95 points, up 568.90 points or 0.94 per cent.

The Sensex opened at 61,088.82 points from its previous close of 60,737.05 points.

Besides, the NSE Nifty50 traded at 18,338.55 points, up by 176.80 points or 0.97 per cent.

It opened at 18,272.85 points from its previous close of 18,161.75 points.

"Nifty rose on Wednesday and Thursday with runaway gaps which indicated strong upward momentum," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Though the daily technical indicators are close to overbought levels, Nifty could rise post the long weekend on Monday and cool down later."

According to Geojit Financial Services' Head of Research Vinod Nair: "The Indian market sustained its upbeat mood supported by positive global market, favourable inflation data and up move in IT stocks following strong earning scorecards by sector majors."

"Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season."

In addition, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said: "Domestic equity continued its northward journey amid positive global cues, strong economic data and expectation of upbeat Q2 earnings."

"The broader markets too ended in green with gains of around 0.6 per cent. Buying was spread across most sectors, except for auto which witnessed some profit booking after the sharp rise in the last couple of days."

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