Equity indices darted up for the fourth day running on Tuesday to close at over nine-month highs, buoyed by positive macroeconomic data and a bullish trend overseas.
A recovering rupee and continuous foreign fund inflows added to the momentum, traders said.
The 30-share BSE Sensex climbed 374.76 points or 0.62 per cent to settle at 61,121.35 — closing above the 61,000-level for the first time since January 17 this year.
On similar lines, the broader NSE Nifty advanced 133.20 points or 0.74 per cent to end at 18,145.40.
NTPC was the top gainer among the Sensex constituents, spurting 5 per cent, followed by PowerGrid, Dr Reddy’s, Infosys, TCS, UltraTech Cement, HCL Technologies, Sun Pharma and Asian Paints.
Only four stocks logged losses — Axis Bank, Maruti, Reliance Industries and Tata Steel, dropping as much as 3.76 per cent.
“The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly.
“Investors are keeping an eye on the central banks’ policy meetings for any indications of a slowdown in the pace of rate hikes,” said Vinod Nair, Head of Research at Geojit Financial Services.
Manufacturing activities in India remained robust and price pressures were contained in October as new orders and production rose, according to a monthly survey released on Tuesday.
The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was up from 55.1 in September to 55.3 in October.
GST revenues registered the second highest collection ever at Rs 1.52 lakh crore in October, reflecting pick up in economic activity in the festive season, official data showed.