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Nifty zooms to record high on BJP win

Press Trust of India  |  Mumbai 

The BJP's decisive victory in propelled the to record highs, with the benchmark closing above the 9,000 mark for the first time today.

The 50-share index hit 9,122.75, an all-time intra-day high, before ending at 9,087 with a solid 152.45 points gain.

Sentiment soared on hopes that BJP's stellar show in state polls would pave the way for the to focus on key reform measures.

The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into

Foreign investors pumped in over Rs 10,000 crore in the Indian capital markets this month so far.

It also got an added fillip from bullish macro data, which showed that the country's industrial production bounced back in January, expanding by 2.7 per cent year-on-year.

Factory output measured in terms of Index of Industrial Production (IIP) had contracted by 0.1 per cent in December.

However, based on wholesale prices shot up to a 39-month high of 6.55 per cent in February against 5.25 per cent in January, according to official data.

Major index gainers were ICICI Bank (6.17 per cent), L&T (4.46 per cent), HUL (4.4 per cent), Asian Paints (3.99 per cent) and Ultratech Cement (3.8 per cent).

However, Coal India, Idea, Bharti Airtel, Axis Bank and Bosch witnessed profit-booking at higher levels.

Turnover in the cash segment shot up to Rs 27,836.94 crore from Rs 17,336.35 crore last Friday.

A total of 12,111.87 lakh shares changed hands in 8,848,690 trades. The market capitalisation of stood at Rs 11,689,137 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 14 2017. 20:14 IST