The BSE Sensex and Nifty50 continued with gains for the second consecutive trade session to close at new high levels riding on positive global cues, along with inflow of foreign funds and healthy buying in consumer durables, banking and auto stocks.
Meanwhile, the benchmark BSE Sensex recovered by 123.37 points, or 0.36 per cent, at 33,916.75 in early trade today.
MSCI's broadest index of Asia-Pacific shares outside Japan rose almost 0.3 percent in morning trade to 584.5, with benchmark indexes in Australia and South Korea up about 0.6 percent and 0.8 percent, respectively. The 30-share Sensex soon after rose to hit all-time high of 34,175.
The BSE market breadth was bullish as 1,702 stocks advanced as compared to 1,235 declines. It saw an intra-day movement of about 71.55 points. Positive cues from global markets also boosted investor sentiments. European markets opened higher.
Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent. "The broad market was very buoyant seeing healthy buying in mid-cap and small-caps", added Nair.
The rupee weakened by 8 paise to trade at 63.61 against the USA dollar in opening session today due to increased demand for the American currency from importers.
Foreign portfolio investors (FPIs) bought shares worth a net of ₹ 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a ₹ 325.24 crore on Thursday, as per provisional exchange data. At 10:37 AM, Sensex was trading in green by 171.46 to 34,140.45 while Nifty too touched 10,551.25 points.
"Cement companies were trading higher for the second straight day on expectation of increase in demand on the back of pick up in the affordable and rural housing segments", Desai added. The stock of IDFC Bank closed at Rs. 58.35 per share, up 6.97 per cent, South Indian Bank closed at Rs. 32.90 per share, up 5.11 per cent, Yes Bank closed at Rs. 332.90 per share, up 4.98 per cent, RBL Bank closed at Rs. 540.50 per share, up 4.46 per cent.