Stocks built on gains to close at fresh life-time highs in their record setting spree for a third straight session on Monday after buying in banking, financial, metal and energy counters triggered by better-than-expected macro data and corporate earnings.
The benchmark BSE Sensex rose by 251.12 points to end at a new peak of 34,843.51. The broader Nifty gained 60.30 points to finish at fresh record high of 10,741.55.
Domestic sentiments were upbeat on positive macro data which were announced after trading hours on Friday and encouraging earnings posted by some bluechip companies coupled with a firming trend at other Asian bourses.
The industrial production (IIP) growth soaring to a 17-month high of 8.4 per cent in November despite retail inflation spiking to 5.21 per cent in December bolstered the market sentiment. Meanwhile, WPI inflation fell to a three-month low of 3.58 per cent in December which assuaged price rise worries.
“A series of positive factors such as strong liquidity on unabated pumping of funds by DIIs and positive cues from global markets, drove markets to new highs,” said Manoj Choraria, a Delhi-based stock broker.
“Markets traded jubilant and ended with decent gains, in continuation to the uptrend. Sentiment boosted on upbeat IIP data and supportive global cues. Banking and financial counters were in the limelight along with select stocks from media,” said Jayant Manglik, President, Religare Broking ltd.
The BSE 30-share Sensex resumed higher at 34,687.21 and advanced to touch a new all-time intra-day high of 34,963.69, surpassing its previous record of 34,638.42, clocked in Friday's trade.