Nifty extends gains to new record closing high

The market witnessed new record closing highs with extended gains amid buying in banking, pharma, FMCG, IT and auto counters as the benchmark Nifty closed 8338.30 points on the National Stock Exchange (NSE).
Investors charged up by a host of positive factors felt in the market momentum as the index spiked to the high of 8365.66 briefly during intra-day trading.
Bouts of profit-booking in key metal, energy, infrastructure and realty counters capped the gains.
The mid cap and small cap shares also traded lacklustre.
Bullish FII inflows amid hopes of further reforms and high expectation of rate cut from RBI in next policy review perked up the investors' sentiment, though caution was witnessed due to market holiday tomorrow.

Asian stocks declined after weak economic data from China. While European stocks trading higher as better-than-estimated earnings offset investors concern about the health of the region's economy.

Meanwhile, the Foreign Portfolio Investors (FPIs) bought shares worth net Rs 1,413.34 crore on Monday, according to provisional figure of stock exchanges.
The benchmark Nifty hovered between a high of 8,365.55 and low of 8,323.50 before ending at 8,338.30, showing a modest gain of 14.15 points or 0.17 per cent over its previous close.
The top five Nifty gainers were Axis Bank 2.85 per cent, BPCL 2.24 per cent, Dr Reddy 2.22 per cent, HCL Tech 2.18 per cent and SBIN 2.15 per cent.

While, top five losers include Cairn 4.97 per cent, Jindal Steel 4.50 per cent, SSLT 4.35 per cent, Hindalco 4.31 per cent and NMDC 3.89 per cent.
Turnover in the cash segment climbed to Rs 20,300.51 crore against Rs 17,332.80 crore on Monday. A total of 11,277.71 lakh shares changed hands in 88,31,496 trades, while market capitalisation stood at Rs 95,10,505 crore.
The market will remain closed tomorrow on account of 'Guru Nanak Jayanti'.