Asian markets were trading mixed with the Nikkei gaining after the US dollar strengthened against the yen.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
The manufacturing sector, a key indicator of economic activity, grew 10.6 per cent year-on-year in October.
Capital goods, realty and power stocks led from the front while losses in oil & gas heavyweights offset the gains.
The 30-share benchmark index saw a mild recovery before ending at a new closing high of 25,583.69, up 3.48 points or 0.01 per cent.
These stocks have rallied up to 25% on the BSE in the past month, against the Sensex's 1% gain.
Markets ended near their one-month closing highs with capital goods and financial shares leading the pack.
The 50-share NSE index Nifty rose by 24.95 points, or 0.41 per cent, to settle at 6,073.30.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
Capital goods shares continued to trade firm in late noon despite weak market trend on the back of encouraging core sector growth in February.
Broader market outperformed the frontline indices and also hit their respective all-time highs
India's industrial output growth accelerated to 2.6 per cent in January, mainly driven by growth in the capital goods sector.
The broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points, after shuttling between 10,900.35 and 10,844.85.
The broader NSE Nifty cracked below the key 10,400-mark to touch a low of 10,336.30, before finally ending 15.95 points, or 0.15 per cent, down at 10,410.90.
The NSE Nifty ended flat at 2807. The market breadth was marginally positive at close - out of 2,569 stocks traded, 1,245 advanced and 1,219 declined.
Infrastructure, capital goods and agriculture-related stocks will continue their sizzling performance in 2008. Moreover, the financial services sector and selective real estate stocks are also expected to give handsome returns to investors in the new year, according to a Business Standard poll of leading brokerage houses.
Capital goods, IT, auto and pharmaceuticals lead gains for the financial year
The NSE Nifty ended at 2920, up 77 points. The market breadth was fairly positive - out of 2,552 stocks traded, 1,549 advanced, 921 declined and the rest were unchanged on Monday.
It was 2.6% in January.
Sun Pharma was the biggest loser among Sensex components, plunging 3.94 per cent, followed by Tata Steel falling 3.12 per cent.
The broader Nifty too fell for the second straight session and closed with a loss of over 62 points, or 0.54 per cent, at 11,520.30, after hovering between 11,496.85 and 11,602.55.
The 30-share Sensex ended up 39 points at 18,558 and the 50-share Nifty ended up 5 points at 5,477 levels.
The broader markets out performed the benchmark indices- BSE Midcap and Smallcap indices up nearly 1%.
Trade deficit falls, inflation steady, but industry is still frozen.
'The BJP has shown signs lately of returning to its trader mindset.' 'Several strong emotions get meshed in this: Nationalism, protectionism, mercantilism, and arrogance,' points out Shekhar Gupta.
The 50-share NSE Nifty after moving between 10,374.30 and 10,307.30 settled flat at 10,348.75, up 6.45 points, or 0.06 per cent.
All sectoral indices, led by realty, PSU, oil & gas and banking, were in positive zone with gains of up to 1.25 per cent.
The Foreign Trade Policy Supplement released by the commerce ministry on Friday extended the (Duty Entitlement Pass book) DEPB scheme till May 2009. The exports for 2007-08 will exceed $155 billion, Commerce and Industry Minister Kamal Nath said. The government has set an export target of $200 billion for the year 2008-09.
The statement, issued after the 2-day meeting of the 6-member Monetary Policy Committee of the Reserve Bank of India, also said that recapitalisation of public sector banks along with resolution of stressed assets under the Insolvency and Bankruptcy Code (IBC) will create demand for fresh investments.
The contraction in November this year is the second biggest fall in the current financial year.
The 30-share Sensex ended up 128 points at 20,128 mark and the 50-share Nifty ended up 65 points at 6,038 levels. The Sensex and Nifty touched an intra-day high of 20,176 mark and 6,051 levels, respectively.
Experts prefer domestic consumption-driven plays and defensives such as information technology and pharmaceuticals
The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81 per cent.
Of these 26, Bajaj Finance, Associated Alcohols and Breweries, Garware Technologies, Filatex India, Tasty Bite Eatables, Aarti Industries and GMM Pfaudler saw an over 10-fold surge in price since 2014.
Unabated selling in realty, financial and capital goods stocks saw the index slide to a low of 14,687 - down 406 points from the previous close. The BSE Realty index slumped 8% (447 points) to 5,164. The Bankex tanked 5% (368 points) to 6,903, and the Capital Goods index shed 3.7% (468 points) at 12,139.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
There is a lot of optimism as regards the defence, railway and manufacturing sectors.
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