Nifty tests life-time peak
Key indices rebound on strong buying in RIL, Infy and TCS and positive global cues
Mumbai: Benchmark equity indices bounced back sharply on Friday, with the Nifty hitting its lifetime peak in intra-day trade, tracking a rally in global markets along with buying in Reliance Industries, Infosys and Tata Consultancy Services (TCS). The 30-share BSE Sensex climbed 440.33 points or 0.61 per cent to settle at 72,085.63. During the day, it jumped 1,444.1 points or 2 per cent to 73,089.40. The Nifty went up by 156.35 points or 0.72 per cent to 21,853.80. During the day, the benchmark soared 429.35 points or 1.97 per cent to reach its lifetime peak of 22,126.80. Among the Sensex firms, Power Grid, NTPC, Tata Steel, Tata Consultancy Services, JSW Steel, Wipro, Infosys, Tech Mahindra, Reliance Industries and Bajaj Finance were the major gainers. Axis Bank, HDFC Bank, Hindustan Unilever, Larsen & Toubro and ITC were among the laggards. “A conservative interim budget had no slowdown effect on the market, which continued to grow on the pre-election rally. The drastic fall in the fiscal deficit target is leading to a reduction in bond yields, which will lead to lowering of corporate borrowing costs, increasing incentives to step up investment,” said Vinod Nair, Head of Research, Geojit Financial Services.
