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Equity indices trade at fresh highs, Nifty above 10,900-level

Mumbai, Jan 22 (IANS) Broadly positive global cues, coupled with healthy buying in energy, consumer durables and capital goods stocks, pushed key Indian equity indices to trade at fresh highs during the mid-afternoon trade session on Monday.

According to market observers, upbeat quarterly corporate earnings along with continuous inflow of foreign funds lifted investors' risk-taking appetite.

The wider Nifty50 of the National Stock Exchange (NSE) traded firmly above the 10,900-level and scaled a new high of 10,929.85 points during intra-day trade.

At 1.07 p.m., the Nifty50 traded 21 points or 0.19 per cent higher at a fresh level of 10,915.70 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE crossed the 35,700 mark during intra-day trade and touched a new high of 35,700.72 points.

The Sensex traded at a fresh level of 35,636.05 points (at 1.07 p.m.) -- up 124.47 points or 0.35 per cent -- from its previous session's close.

The Sensex has so far touched a high of 35,664.01 points during intra-day trade.

The BSE market breadth was bullish -- 1,485 stocks advanced and 1,257 declined.

"Indian shares traded up after opening little changed on continued overseas funds buying after robust corporate earnings signaled economic growth reversal in near terms. Asian shares traded flat following the US federal government shutdown which hurt investors risk-appetite," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"Both benchmarks, Nifty and Sensex, climbed to fresh record in early trade on hopes of government meeting the fiscal deficit target as it announced generating Rs 370 billion through stake sale in petroleum refinery. BSE Sensex rose 189.14 points to hit a new all time high of 35,700 while the Nifty 50 gained 31.75 points to clock a fresh record of 10,926," he added.

On Friday, positive global cues, coupled with upbeat quarterly corporate earnings and healthy buying in banking stocks, propelled the key indices to close at new record highs.

The Nifty50 closed at 10,894.70 points, while the Sensex closed at 35,511.58 points.

--IANS

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