Mumbai (NVI): Continuing their bull run for the fifth straight session, Indian stock markets surged to a new all-time high, touching 40,392.22 points on October 31, backed by buying in banking and IT sectors.
The S&P BSE Sensex index jumped as much as 340.35 points to touch 40,392.22 at the day’s strongest level, surpassing its earlier record high of 40,312.07 registered in June this year. The broader NSE Nifty benchmark climbed to as high as 11,945.00, up 100.9 points from its previous close, but was 158.05 points shy of its all-time high of 12,103.05 recorded on June 3, according BSE website.
Infosys, SBI and Yes Bank were the top contributors to the gain in Sensex, together accounting for a gain of 234.47 points on the index.
Analysts say positive earnings from large cap corporates and hopes of a pickup in the economy supported investors’ sentiment. They however expected some volatility ahead of the expiration of monthly derivatives (futures & options) contracts due by the end of the session.
“Sentiments have turned recently, most results are decent and there have not been any disappointments so far,” reports quoted Siddhartha Khemka, head of retail research at Motilal Oswal Securities, as saying.