The benchmark BSE Sensex on 22 May closed 148 points up at 27,957.50 after briefly staying above the psychological 28,000l on better-than-estimated corporate earnings and firm Asian cues.
Similarly, the broader 50-issue CNX Nifty rallied to a high of 8,489.55, just ten points shy from 8,500-mark, before settling at 8,458.95.
Information Technology, pharma, capital goods, refinery and tech counters attracted heavy buying while shares of consumer durable, banking, realty and metal sectors witnessed profit-booking.
Sentiment was boosted after the country’s largest lender SBI reported decline in bad loans, and strong Q4 profits despite higher provisioning. This led to expectations that the entire banking sector will turn the corner, going ahead.
“Expectations are likely that a sign of reduction in non-performing numbers will give a sentiment boost to the entire banking sector,” Daljeet S Kohli, head of research, IndiaNivesh Securities said.
“Recent data has also corroborated market expectations that there will be no Fed rate hike in June, that gives some short-term comfort to investors,” Kohli said.
The 30-share index was at 27,872, up 63 points or 0.23 percent. It touched a high of 27,887.15 points and a low of 27,828.61.
The Nifty was at 8421, up 7 points or 0.09 percent. It touched a high of 8440.35 and a low of 8420.60 in trade today.
The S&P BSE Midcap Index was up 0.43 percent and BSE S&P Smallcap Index edged higher by 0.23 percent.
State Bank of India (up 2 percent), ONGC (up 1.3 percent), ITCBSE 0.34 % (up 0.64 percent), GAIL India (up 0.6 percent) and Cipla (up 0.58 per cent) were among the major Sensex gainers.
Wipro (down 1.3 percent), Bharti Airtel (down 1.3 percent), Bajaj Auto (down 1.2 percent), Sesa Sterlite (down 1.05 percent) and Hindalco (down 0.80 percent) were the major index losers.