Nifty breaches 8,400-level on capital inflows

Mumbai: The NSE Nifty crossed the 8,400-mark for the first time in late morning trade on November 12 and hit a new lifetime high of 8,407.35, led by a rally in auto, banking and infrastructure stocks on sustained inflow of foreign capital.

The 50-issue Nifty crossed the 8,400-level for the first time by gaining 44.70 points, or 0.53 per cent, to trade at a lifetime high of 8,407.35, surpassing its previous intra-day high of 8,383.05 touched on November 10. Brokers said sentiments remained upbeat on continued buying by foreign funds and retail investors amid a series of economic reforms undertaken by the Narendra Modi-led government and strong earnings by blue-chip companies.

Besides, expectations of encouraging inflation data for October and IIP numbers for September also buoyed trading sentiments, they added. Major gainers, which supported the Nifty, were - ICICI Bank (up 1.15 per cent to Rs 1,705), SBI (up 0.68 per cent to Rs 2,759), Punjab National Bank (up 0.31 per cent to Rs 957), Infosys (up 0.24 per cent to Rs 4,135) and Tata Consultancy Services (up 0.91 per cent to Rs 2,604.30).

In the pharma sector, Dr Reddy jumped 0.55 per cent to Rs 3,437, Lupin gained 0.36 per cent to Rs 1,4335.50 and Cipla was up by 0.20 per cent to Rs 638.30. The benchmark BSE Sensex also climbed 203.97 points, or 0.73 per cent, to trade at new record-high of 28,114.03, breaking its previous peak of 28,027.96 reached on November 10.