Fund-buying in frontline stocks in anticipation of strong quarterly earnings helped the Sensex to cross the 17K mark easily. The benchmark index advanced 273 points to close at 17,126—its highest close since 21 May 2008.
On the NSE, Nifty gained 77 points to end at 5,083.
“The fund flow has helped fuel the upward movement of the Indian market,” said Parag Shah, senior manager advisory, Sharekhan.
Prashanth Y Narayan, vice president & head for PMS, ING Investment Management, said that he feels the Indian markets are fairly valued currently and apart from liquidity, the strength in the earnings would drive the markets.
Investor sentiment was boosted after Oil India listed at a strong premium. It jumped 8.6 per cent to end at 1,140.
“The Oil India IPO will help the other IPOs in the pipeline and will also spark retail interest in public issues,” said Parag Shah of Sharekhan.
Banking, auto, metal and cap goods stocks led the markets higher. Among the Sensex stocks, SBI and ICICI Bank led the gainers, advancing 5 per cent and 4.6 per cent respectively. Auto stocks M&M and Maruti advanced over 3 per cent each. Sterlite India also gained over 3 per cent. On the losing side, ITC and ONGC ended over 1 per cent lower. The Bharti stock was little changed at 418. The deadline for exclusive talks between Bharti and MTN ends today.
Asian stock markets were mixed on Wednesday as a surprise drop in US consumer confidence sowed new doubts about the pace of economic recovery. European shares gained modestly in early trade.
Caution over an appreciating yen and a slew of key economic indicators damped gains in Japanese stocks while China posted a solid rise on the last day of trading before a weeklong holiday. Wall Street fell on Tuesday after the Conference Board said its consumer confidence index fell in September. Economists had been expecting a reading of 57; instead it came in at 53.1.
The private research group said consumers are still worried about losing their jobs. Many analysts warn a turnaround in the economy won't hold unless consumer spending picks up and employers add jobs.
On the NSE, Nifty gained 77 points to end at 5,083.
“The fund flow has helped fuel the upward movement of the Indian market,” said Parag Shah, senior manager advisory, Sharekhan.
Prashanth Y Narayan, vice president & head for PMS, ING Investment Management, said that he feels the Indian markets are fairly valued currently and apart from liquidity, the strength in the earnings would drive the markets.
Investor sentiment was boosted after Oil India listed at a strong premium. It jumped 8.6 per cent to end at 1,140.
“The Oil India IPO will help the other IPOs in the pipeline and will also spark retail interest in public issues,” said Parag Shah of Sharekhan.
Banking, auto, metal and cap goods stocks led the markets higher. Among the Sensex stocks, SBI and ICICI Bank led the gainers, advancing 5 per cent and 4.6 per cent respectively. Auto stocks M&M and Maruti advanced over 3 per cent each. Sterlite India also gained over 3 per cent. On the losing side, ITC and ONGC ended over 1 per cent lower. The Bharti stock was little changed at 418. The deadline for exclusive talks between Bharti and MTN ends today.
Asian stock markets were mixed on Wednesday as a surprise drop in US consumer confidence sowed new doubts about the pace of economic recovery. European shares gained modestly in early trade.
Caution over an appreciating yen and a slew of key economic indicators damped gains in Japanese stocks while China posted a solid rise on the last day of trading before a weeklong holiday. Wall Street fell on Tuesday after the Conference Board said its consumer confidence index fell in September. Economists had been expecting a reading of 57; instead it came in at 53.1.
The private research group said consumers are still worried about losing their jobs. Many analysts warn a turnaround in the economy won't hold unless consumer spending picks up and employers add jobs.
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