Market rally: Sensex ends above 29,000, Nifty logs fresh high

Extending its bull run for the sixth consecutive day, the S&P BSE benchmark sensex rallied by another 117 points to end above 29K level to 29,006.02 first time in the history of stock exchange on the persistent strong foreign capital inflows.

The CNX 50-share Nifty also firmed up by 31.90 points or 0.37 per cent to end at 8,761.40.

Already propped-up by overall macro scenario amid strong FII inflows into Indian equities, the investors optimism further boosted by upbeat global markets on high expectations of quantitative easing from the European Central Bank later in the day.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2,065.49 crore on yesterday as per provisional data.

Shares of Healthcare and Capital Goods sectors were the major gainers of the day.

The Sensex resumed higher at 28,957.79 and firmed up further to 29,060.41 before concluding at 29,006.02, showing a gain of 117.16 points or 0.41 per cent.

The Sensex has gained by 1,659.20 or 6.07 per cent in the six days.

The CNX 50-share Nifty also firmed up by 31.90 points or 0.37 per cent to finish at 8,761.40.

Most Asian stocks ended higher as investors bet the European Central Bank will unveil a bond-buying stimulus programme later in the day in an attempt to revive the flagging euro zone economy.

Key benchmark indices in China, Japan, Hong Kong, Singapore and Taiwan moved up by 0.28 per cent to 0.70 per cent while South Korea's Kospi eased by 0.02 per cent.

European markets were trading narrowly mixed on caution ahead of the outcome of a monetary policy review as key indices in France and Germany moved down by 0.22 pct to 0.28 pct while UK's FTSE was quoted marginally higher by 0.11 pct.

Mr.Jignesh Chaudhary, Head Of Research, Veracity Broking Services said," Local equities extended its gain today also and hit a record high for the third consecutive day as blue chips continued to rise with the help of FIIs". Yesterday also FII were the net buyers of shares worth 20.66 billion rupees.

Positive sentiments and strong dollar inflows has helped indices to trade high and post a new milestone.

21 scrips out of the 30-share sensex ended higher while nine others finished lower.

Major gainers were Sun Pharma (3.65 pct), Axis Bank (3.30 pct), Tata Motors (2.70 pct), ONGC (2.01 pct), Cipla (1.73 pct), Tata Steel (1.51 pct), Infosys (1.41 pct), Coal India (1.24 pct), Wipro (1.17 pct) and Dr Reddy's Lab (1.01 pct).

However, NTPC fell by 2.44 pct followed by Reliance Ind 2.27 pct, Hero Motocorp 1.33 pct and Maruti 1.02 pct.

Among the S&P BSE sectoral indices, Healthcare 1.69 pct followed by Capital Goods rose 1.12 pct and Auto 0.72 pct.

However, total market breadth remained negative as 1,575 stocks ended in the red, 1,347 closed in the green and 111 ruled steady. Total turnover dropped to Rs 3,553.11 crs from Rs 4,482.10 crs on Wednesday.