Market Rally Continues ; Nifty Tops 8,400

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Mumbai : NSE Nifty breached the crucial 8,400-mark and BSE Sensex gained 113 points in early trade today on sustained buying by domestic investors ahead of key macroeconomic data to be released later in the day.

Besides, a positive start of the earnings season and firming trend on other Asian bourses also fuelled the domestic market sentiment.

Investors cheered better-than expected Q3 numbers in IndusInd Bank.

TCS shares rose 0.82 per cent to Rs 2,342.00 ahead of Q3 earnings to be released later today.

Nifty was trading above 8,400-level by rising 24.05 points or 0.28 per cent at 8,404.70.

The 30-share Sensex was up 113.27 points, or 0.42 per cent, higher at 27,253.68 with sectoral indices led by IT, teck, power, oil&gas, PSU and banking stocks were trading in the positive zone, with a gain of up to 1.16 per cent.

The gauge had gained 413.86 points in the previous two sessions.

Brokers said that the building up of positions by domestic institutional and investors ahead of IIP and inflation data — to be released later in the day — also had an influence.

Mixed trend on other Asian bourses following overnight gains in the US market and strengthening rupee against the dollar also supported the upmove, they said.

In Asia, Shanghai Composite Index was up 0.19 per cent, Japan’s Nikkei was down 0.89 per cent and Hong Kong’s Hang Seng shed 0.15 per cent in early trade today.

The US Dow Jones Industrial Average, however, ended 0.50 per cent higher yesterday.