Mumbai: Continuing its record-breaking spree, the National Stock Exchange’s Nifty climbed to hit its new intra-day high of 4,306.75 points on 31 May 2007, on late buying by funds, triggered by firming global markets.
The Nifty, which had ended in negative zone the previous day, staged a strong comeback on re-emergence of buying by funds along with short-covering to hit an all-time intra-session high of 4,306.75 points, before closing at its record high of 4,295.80, up 46.15 points or 1.09%.
The benchmark Sensex ended higher by 133.08 points, or 0.92% at 14,544.46 after moving between 14,573.81 and 14,448.57, largely on the back of strong rally in consumer durable goods, FMCG, banking and capital goods sector stocks.
Market observers said apart from funds buying, covering-up of short positions by speculators due to May expiry in the futures and option (F&O) segment also influenced the trading sentiments.
They said reports that the country’s economy grew by 9.4% in 2006-07 due to high growth in manufacturing and services sector, also triggered wide-spread buying activity.
Last year, the growth rate was 9%.
Major supporters to the Sensex were consumer durables index up by 179.51 points at 4,195.57, Bankex by 102.13 points at 7,505.22, and capital goods by 74.56 points at 11,079.43.