"S&P BSE Sensex settled at new high of 33,147, up 104 points for the day", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
At 0620 GMT, the S&P BSESensex fell 0.05 percent at 33,026 while the broader NSE Nifty rose 0.12 percent to 10,307. Public sector banks led the rally in banking stocks, with State Bank of India (SBI) surging 20 per cent and Punjab National Bank (PNB) jumping 33 per cent. Indian Bank surged 21.48 per cent, Andhra Bank climbed 18.97 per cent, Syndicate Bank jumped 17.37 per cent and Bank of Maharashtra gained 16.01 per cent. Even the private counterparts such as ICICI Bank and Axis Bank saw their stocks soar up to 15%.
The BSE bankex was nearly unchanged at 28,329.12 level at the end of trade today, rising merely 1 point compared with yesterday's closing.
Stocks of major road builders such as Ashoka Buildcon, Sadbhav Infrastructure Projects and J Kumar Infra have gained up to 8.71%.
"Government's recapitalisation plan sparked astonishingly steep gains in PSBs, while short covering ahead of F&O expiry also added momentum".
Mumbai: Markets continued their record-setting streak for yet another session on Thursday with both the Sensex and Nifty ending at lifetime highs amid optimism over earnings and short-covering on derivatives expiry. "Ultimately it is giving a remedy to the NPA issues and capital adequacy of banks, which is an essential for credit growth", said an analyst.
Offloading of positions by participants with Thursday being the last trading session of October series contracts in the derivatives segment pulled the index back from record levels, analysts said.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 3,582.50 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 155.71 crore yesterday, as per provisional data released by the stock exchanges.
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