Another day, another new record; NSE Nifty tops 6,700 mark

Continuing its pre-poll rally, the benchmark index Nifty scaled a new peak of 6,700 mark in intra-day trading before ending a few notches down on the back of a robust buying at the National Stock Exchange (NSE) today.
Across-the-spectrum buying spree at the start of the April series helped the 50-share index to log fifth straight day of gains and rise by a healthy 54 points. The rally was led by banking, energy, infra, pharma and auto shares.
Persistent FII inflows, hopes of a stable Government post general election and expectations that RBI will keep key rates unchanged at April 1 review meet boosted sentiments.

Banking scrips gained after RBI extended deadline for implementation of Basel III norms by a year to March 31, 2019.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 2,257.50 crore yesterday, as per provisional data from stock exchanges.
The market opened higher on firm Asian cues but volatility led it to trim gains in morning session. A positive opening in European stocks led the index to touch a new life-time high of 6,700 during late trade before retreating and ending a few points lower.

State-run PNB surged 6.42 per cent and Bank of Baroda gained 5.14 per cent. Tata Power rallied 4.59 per cent.

The Nifty traded between a high of 6,702.60 and a low of 6,643.80, before closing at 6,695.90, up 54.15 points, or 0.82 per cent, over its last close.
Other major gainers were Hindalco, UltraTech, Ambuja Cement, SBIN, IDFC, NTPC and ACC. However, Cairn, ONGC and ITC dropped on profit-booking.
Turnover in the cash segment dropped to Rs 13,592.37 crore from Rs 20,475.95 crore yesterday. A total of 7,804.98 lakh shares changed hands in 67,01,136 trades, while market capitalisation stood at Rs 72,35,709 crore.