Indices hit new lifetime peaks, Sensex ends above 22,000 level

Indian benchmark indices made a stellar start to the week with Sensex and Nifty today logging new lifetime highs, boosted by FII buying in banking shares on hopes the RBI will hold rates in the upcoming policy review.
Hectic activity in select sectors ahead of the expiry of March derivative contracts on Thursday also helped domestic markets shrug off weak Chinese data, say traders.
The BSE Sensex resumed strong and gradually moved upwards to a new intra-day historic high of 22,074.34, before concluding at 22,055.48 -- gain of 300.16 points, or 1.38 per cent, which is the biggest daily rise in two weeks.

It surpassed previous closing high of 21,934.83 recorded on March 10 and lifetime peak of 22,040.72 set on March 18.
Banking, refinery, metal, auto, power and capital goods counters attracted good buying interest while shares from pharma, consumer durable and IT segments saw profit-booking.
The broader 50-issue CNX Nifty of the NSE also flared up by 88.60 points, or 1.36 per cent, to end at new record closing of 6,583.50. It registered lifetime peak of 6,591.50 on an intra-day basis as well.

Smart gains in ICICI Bank, HDFC Bank, RIL, HDFC, ITC, ONGC, TCS, HUL, L&T and GAIL mainly pushed the indices up.

"Banks stood out as clear outperformers. ONGC rallied 4 per cent ahead of board meeting for announcement of interim dividend. Indian market has been strong in current year aided by robust FII flows and optimism related to general elections," said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.
Mirroring rise in stocks, Indian rupee hit 60.64 levels against the dollar, amid firming trend in global markets.
Jayant Manglik, President-retail distribution, Religare Securities said the surge in stocks was triggered by the buoyancy in banking counters as majority expects there would be no change in policy rates.
Asian shares ended higher, ignoring China HSBC flash manufacturing purchasing managers index (PMI) that fell to an eight-month low in March.