Sensex scales 28K level,Nifty at new peak on falling oil rates

The benchmark BSE Sensex for the first time settled above the 28,000 level and NSE Nifty crossed 8,400 level on buying in auto, banking and FMCG stocks as falling crude prices boosted market sentiment.
The 30-share Sensex touched life-time high of 28,126.48 points before concluding at record closing level 28,008.90, posting gains of 98.84 points or 0.35 per cent.
The BSE barometer had breached the 27,000 level on September 2 this year.
The 50-share Nifty also crossed 8,400 level to scale life-time high of 8,415.05 points. It closed at record high of 8,383.30, up by 20.65 points, or 0.25 per cent.

"Markets are trading near their all-time high levels. Further fall in crude prices and expectations of further reforms kept sentiments positive," said Dipen Shah, Head- Private Client Group Research, Kotak Securities.
Foreign portfolio investors (FPIs) bought shares worth Rs 458.04 crore yesterday, according to provisional data from stock exchanges.

"Markets are expecting the CPI (consumer inflation) to trend further lower. The fall in CPI over the past few months has led to expectations of an early interest rate cut," Shah added.
Among major Sensex gainers, Axis Bank rose the most by 3.02 per cent, followed by Bajaj Auto (2.10 per cent) and Tata Motors (1.71 per cent).

Gains in ITC Ltd (1.55 pc), Hero MotoCorp (1.50 pc), ICICI Bank (1.33 per cent) and HDFC Ltd (1.12 pc) also supported the indices to scale new peaks.
"Though the benchmarks were finally seen crossing the consolidation range on higher side but cautiousness among the participants kept the upside capped ahead of crucial economic data of CPI inflation and IIP numbers, which are scheduled post market," Religare Securities President-retail distribution Jayant Manglik said.
Cipla, Tata Power, Tata Steel and NTPC were among major losers with losses of up to 3 per cent.