Macro data spurs key indices to next highs

Mumbai: Benchmark indices rallied for the eighth day running on Thursday, ending at fresh record closing highs, amid firm global market trends and continuous foreign fund inflows. Positive PMI data and buying in IT counters added to the momentum.

The 30-share BSE Sensex climbed 184.54 points or 0.29 per cent to settle at 63,284.19, its fresh record closing high. During the day, it rallied 483.42 points or 0.76 per cent to 63,583.07, its lifetime intra-day peak. The broader NSE Nifty advanced 54.15 points or 0.29 per cent to end at 18,812.50, its new record closing high.

According to a monthly survey released on Thursday, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 55.7 in November, up from 55.3 in October, signalling the strongest improvement in operating conditions in three months.

Experts say that US Federal Reserve's stance hinting at moderated pace of rate hike also boosted the sentiment.

"Fed chief Jerome Powell's observation that it makes sense to moderate the pace of rate hikes' has come as a shot in the arm for the bulls to take the ongoing rally forward," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Although markets extended gains and scaled fresh highs once again, the recent upsurge failed to gather steam today. While the undertone remains bullish, the focus will now shift to next week's credit policy announcement," said Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Foreign Institutional Investors (FIIs) bought shares worth Rs 9,010.41 crore on Wednesday, as per exchange data. In the broader market, the BSE smallcap gauge jumped 0.63 per cent and midcap index climbed 0.62 per cent. Among sectoral indices, IT jumped 2.03 per cent, realty (1.94 per cent), teck (1.58 per cent), commodities (1.24 per cent) and industrials (0.74 per cent). Power, oil & gas, energy and FMCG were among the laggards.