Sensex extends record-breaking run; autos, banks rally

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Extending their record-setting run for the second day, the Sensex and Nifty closed at fresh life-time highs today as the sentiment remained upbeat on a forecast of a normal monsoon this year.

Both the indices also closed at record highs, with the Nifty ending the day at 9,422.40 points while Sensex ending at 30,366.43 points.

The benchmark BSE Sensex was up 63 points or 0.21 percent at 30,311 after rising about 1 percent in the previous session. It was followed by HUL 4.60 per cent, HDFC 3.25 per cent, M&M 2.59 per cent, Reliance 2.17 per cent, Bajaj Auto 1.74 per cent, Axis Bank 1.68 per cent, Maruti 1.53 per cent, Cipla 1.49 per cent and Tata Motors 1.25 per cent. The market breadth favoured the declines as 1,246 shares advanced against a fall of 1,588 shares, while 169 shares were unchanged.

Banks also gained as investors pinned their hopes on easing bad loans in coming quarters after the government tweaked its laws last week to help tackle the record $150 billion in troubled bank debts.

Indian markets ended flat on Thursday. "European indices like FTSE 100 and DAX now traded in the positive trend and CAC 40 traded lower".

India is likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the weather office said on Tuesday.

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Mumbai: The benchmark Sensex today regained the 30,000-mark early on by surging over 76 points after investors built more bets and domestic financial institutions continued buying amid mixed Asian cues.

"We believe Hero MotoCorp is the best pick, with a likely revival in the rural economy, as approximately 50% of sales are in the rural markets", HDFC Securities said in a note. All the sectoral indices, led by metal, healthcare, auto and banking, were trading in green with gains of up to 1.02 per cent.

HCL Technologies, a constituent of the Nifty, fell 0.4% to 838.65 rupees.

Hong Kong's Hang Seng was up 0.64 per cent while Japan's Nikkei gained 0.30 per cent in early trade.

The BSE Mid-Cap index rose 0.05 per cent, outperforming the Sensex. BSE Small-cap index closed higher by 0.53% at 15,544.

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