Sensex, Nifty on fire, extends gain to close at new records

Mumbai, Mar 31: Both the key indices, sensex and Nifty galloped to their new peaks and extended its record setting closing for last few trading sessions in a row led by strong buying in metal, realty, consumer durable and auto counters on the back of strong foreign funds inflow and better global cues.

Market also got a boost on expectations that the apex bank in its tomorrow’s First Bi-monthly Monetary Policy Statement, 2014-15, will keep the key rates unchanged after fall in inflation.

Rising for the last straight four sessions, the BSE sensitive 30-share barometer closed up by another 46.30 points or 0.21 pct to register its new closing high of 22,386.27. It moved in a range of 22,467.21 -which was also new intra-day peak- and 22,253.78.

However, the broad-based CNX Nifty of the NSE completed its straight eight session gaining string and also recorded its life-time closing high of 6,704.20, up by 8.30 points or 0.12 pct. It gyrated in a breadth of 6,730.05 -new intra-trade high- and 6,662.40.

Metal stocks were at the forefront of the rally mainly triggered by hopes that the China will take steps to stimulate its sagging economy as China is world’s largest consumer of copper and aluminium.

As a result, Hindalco was the top gainer from the sensex pack with a rise of 8.71 pct followed by Tata Steel 3.40 pct and SSLT 2.76 pct.

Besides metal, realty, consumer durable and auto stocks also attracted good buying support.

Auto counters too were in demand on hopes of stable interest rates in the coming monetary policy.