Equity indices climb new highs; metals, banks stocks soar

Mumbai: Key Indian equity indices on Tuesday climbed to new highs as investor sentiments were uplifted by bullish global cues, combined with fresh inflows of foreign funds and buying support in metals, banking and oil and gas stocks.

Market observers said the sentiments were uplifted on projection of India's healthy economic growth outlook, along with optimism over the Union Budget to be presented next week.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 300 points to scale a record intra-day high of 36,147.75 points

At 12.45 p.m., the index traded at a new high of 36,064.20 points -- up 266.19 points or 0.74 per cent -- from its Monday's close at 35,798.01 points.

However, the BSE market breadth was bearish as 1,461 stocks declined as against 1,362 advances.

At the National Stock Exchange (NSE), the broader Nifty50 traded firmly above the 11,000-mark -- up 92.55 points or 0.84 per cent at 11,058.75 points.

The NSE Nifty50 scaled a new intra-day high of 11,087.70 points.

"Investors received a boost from International Monetary Fund's projection that India could emerge as the fastest-growing country in the world in 2018 at 7.4 per cent amid optimism over Prime Minister Narendra Modi's address to the World Economic Forum. Also, investors' expectation from the Union Budget helped the market to reach new highs," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Monday, the Nifty50 closed at 10,966.20 points, while the Sensex closed at 35,798.01 points.

(IANS)