Markets vault to record highs; post seventh week of gains

Markets celebrate as govt cuts borrowing, Sensex hits record high of 35450

In terms of equity volume, 1.96 lakh shares of the company were traded on BSE and over 41 lakh shares changed hands on NSE during the day.

The Indian benchmark indices on Thursday morning were trading on a positive note hitting record highs with the Sensex gaining 377 points and was trading at 35462 while the Nifty was up 93 points and was trading at 10881. The index has now rallied 740.53 points in three straight sessions.

The S&P BSE Mid-cap and small cap index was higher. Meanwhile, the broad based NSE Nifty climbed by 28.45 or 0.26% at 10,817.00 with 16 components posting rise. The Sensex also touched a fresh intra-day high of 35,507.36 points.

"Markets were expecting some rationalisation in GST rates", Saurabh Jain, assistant vice-president of research at SMC Global Securities, told Reuters "Now, any good news with respect to filing taxes will definitely bring cheer to the market".

Among the top gainers were Adani Ports, Yes Bank and ICICI Bank while Infosys, Sun Pharma and Power Grid stocks were major losers. They bought shares worth Rs 1,894.99 crore while domestic institutional investors (DIIs) sold equities worth Rs 657.46 crore Thursday, as per provisional data from the stock exchanges.

The Nifty PSU bank index gained as much as 2.3%, with SBI and Canara Bank rising more than 2% each. The bank's gross NPA stood at 1.29% in the December quarter versus 1.26% in the previous quarter.

HDFC Bank too gained 1 per cent after it reported a 20.1 per cent growth in net profit to Rs 4,642.6 crore for the third quarter of the current fiscal.

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