Nifty Bank touches new high

The Nifty closed above 10,350.

India went up by 30 notches to 100th position on the World Bank ranking, released on Tuesday.

India’s core sector output grew 5.2 percent in September, compared with 4.4 percent in August and 5.3 percent in September a year ago, adding to signs that the economy is picking up pace after a disappointing first quarter.

Positive Global cues: Oil prices extended a bull run on hopes that major producers would maintain their output cuts.

That apart, better-than-estimated earnings by some more companies kept the risk-on sentiment alive. It had ended at a fresh peak of 10,363.65 on Monday.

On intra-day basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched a record high of 33,332.06 points, while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10,383.80 points. Metal stocks rallied on the BSE too with the BSE metal index closing 277 points or 1.89 percent higher at 15008.23 level.

The gauge had risen 876.19 points in the past six sessions.

The World Bank report recognized India as one of the top 10 improvers in this year’s assessment, having implemented reforms in 8 out of 10 Doing Business indicators.

“While soft PMI numbers have not dulled the sentiment as yet, activities of FIIs and the dollar’s trajectory would be in focus with United States tax reforms on the horizon”, he added.

The companys market valuation rose sharply by Rs 9,295.5 crore to Rs 1,25,413.50 crore.

Among the 51 stocks in the Nifty50 index, 32 were trading in the green, while 16 were in the red. SBI, Axis Bank and Vedanta were the other top Nifty gainers.

Overseas, Asian shares were trading higher mirroring a positive close in the USA market overnight.

Turnover in the cash segment rose to Rs 37,910.59 crore from Rs 35,110.14 crore as on Tuesday.

The US Dow Jones Industrial Average closed 0.14 per cent higher on Friday.