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Monday, 17 November 2014

Live: Markets make fresh closing highs; autos, PSBs zoom

3:30 pm: After trading mostly weak, Indian shares made a sizzling comeback in late trade today, as investors took cues from positive trade balance data that reiterated the view that the Indian economy is slowly coming back on track.

Early on, both the Sensex and the Nifty trading marginally below the dotted line but surged later to log fresh all-time highs.

At close, the Sensex jumped 0.47 percent, or 131 points, to 28,177 points while the 50-share Nifty gained 0.49 percent, or 41 points, to 8,430.

The late move, while it was led by auto and public-sector banks, was broad-based with telecom, services, chemicals and utility shares all rising over 1 percent.

3:00 pm: The Indian market appeared headed towards a new record closing after shares made up for early losses in a late surge following the release of positive trade balance data.

Investors lapped up shares in public sector banks (up 5.3 percent) – after State Bank of India declared a robust set of numbers Friday – and in autos. Other sectors, barring metals and pharmaceuticals, too closed in the green.

Shares got a boost after India's trade balance data came in better than expected, giving investors confidence the country's tryst with ballooning external deficits it witnessed last year was now firmly behind.

Sensex is up 0.48 percent, or 134 points, to 28,181 while Nifty has gained 0.5 percent, or 41 points, to 8,430.

Among the major movers through the day were several companies which declared earnings on Friday evening or over the weekend: such as SpiceJet (down 9.5 percent) and Tata Motors (up 4.1 percent).

The investor interest in public sector is justified, according to DSP BlackRock’s Anup Maheshwari, who added his funds were overweight on financials. “Interest rates will fall if the disinflationary trend maintains and this will help bank stocks,” according to the fund manager.

“There is a consistent repair cycle going on in India,” Maheshwari said, adding that the change in the RBI (with the taking over of Raghuram Rajan), the government (with the Modi-led dispensation) and the fall in crude prices bode well for the Indian economy. More information please visit this site

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