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Market Closing: Sensex, Nifty scale record highs; Yes Bank rallies over 7%

Mumbai: Market benchmark indices scaled fresh closing peaks on Wednesday on hectic buying by foreign investors in banking, IT and auto stocks amid positive trends from global markets.

The 30-share Sensex rose by 199.31 points or 0.49 per cent to end at a new life-time high of 41,020.61 as 24 of its constituents ended in green.

The broader NSE Nifty gained 63 points or 0.52 per cent to settle at a new peak of 12,100.70.

Yes Bank was the biggest gainer in the Sensex pack, rallying 7.65 per cent, followed by SBI which rose 2.43 per cent. Maruti gained 2.38 per cent, Sun Pharma 1.87 per cent and HUL by 1.78 per cent.

On the other hand, L&T was the top loser, ending 2.05 per cent lower. ICICI Bank, ITC, Tata Steel, NTPC and Axis Bank too closed in red.

According to analysts, sustained foreign fund inflow amid positive cues from global markets buoyed the market sentiment.

Gaurav Bissa - AVP Technical and Derivatives, LKP Securities said, "Nifty opened on positive note but was seen trading in narrow range for major part of trading session. it however, witnessed a spike toward the end. The crucial supports for the index are seen at 12020 levels. the trend is still strong and the index is expected to witness 12150-12170 levels where some halt may be seen. Banknifty continued its outperformance and was seen sustaining above 31800 levels. however, the index was seen facing strong resistance around 31900 levels which it tried to conquer toward the end but failed to give a close above. going ahead the index is expected to find resistance at 31950 levels, hence it is prudent to buy the index on declines to 31750 levels."

Foreign investors purchased shares worth Rs 4,677.75 crore on a net basis on Tuesday, provisional exchange data showed.

Short covering ahead of the expiry of November derivatives contracts on Thursday also contributed to the rally, traders said.

Bourses in Hong Kong, Tokyo and Seoul ended higher while those in Shanghai settled lower.

Stocks in Europe were trading on a positive note.

On the currency front, the rupee appreciated 15 paise (intra-day) against the US dollar to 71.35.

Brent futures, the global oil benchmark, rose 0.18 per cent to USD 63.33 per barrel.

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