Sensex, Nifty scale new peak, PSB stocks extend rally

Delhi, IndiaUpdated: Oct 30, 2017, 01:16 PM IST

Stocks failed to hold onto gains after positive core industry data. Infra sector grew at the fastest pace in more than a year at 6.8 per cent in November 2017 on the back of robust performance in segments like refinery, steel and cement. Photograph:(Reuters)

Indian markets found itself on a fresh high for the fourth session today, with the Sensex jumping 109 points as state-owned lenders extended their rally.

The Nifty closed above 10,350.

The PSB stocks have been on a roll, especially since last week, driven by the government's mega Rs 2.11 lakh crore recapitalisation plan and encouraging quarterly earnings by more blue chip companies.

But it lost ground due to profit-booking and settled at a new closing peak of 33,266.16, up 108.94 points, or 0.33 per cent. The Sensex surpassed its previous record of 33,157.22 touched on October 27.

In six days, the index has gained 876.19 points.

Similarly, the broader 50-issue NSE Nifty hit a new intra-day high of 10,384.50, bettering its record of 10,366.15 hit on October 27. However, due to profit-taking at record levels, it closed at 10,363.65, still a new high, up by 40.60 points or 0.39 per cent. It broke the previous record of 10,343.80 reached on October 26.

Traders said sentiment was upbeat in domestic energy stocks with Brent crude soaring to hit its highest level since July 2015 after Saudi Arabia agreed to support the extension of a global oil production cut agreement.