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Nifty closes above 8300 for 1st time, Sensex spikes 520 points

The rally was majorly driven by strong growth in US GDP in Q3CY14 and Japan's further quantitative easing.

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Updated:October 31, 2014, 9:27 AM IST
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Nifty closes above 8300 for 1st time, Sensex spikes 520 points
The rally was majorly driven by strong growth in US GDP in Q3CY14 and Japan's further quantitative easing.

Mumbai: The market staged spectacular performance on Friday as equity benchmarks saw the biggest one day gains for the first time since May 2014 led by index heavyweights like HDFC, Infosys, L&T and Reliance Industries.

The rally was majorly driven by strong growth in US GDP in Q3CY14 and Japan's further quantitative easing.

It was a strong start to the November series on hopes of more reforms from the Narendra Modi government (following diesel deregulation, gas price hike etc) in near future. The 50-share NSE Nifty closed above the 8300- mark for the first time, up 153 points (the highest one day gains since May 9 2014 - before Lok Sabha elections results) or 1.87 percent to 8322.20 led by 48 shares.

Bhart Airtel, Infosys, ONGC, Cipla and Maruti are top gainers while Hindalco, HUL and Tata Motors are among the losers. Asian stocks rose on the final trading day of the week following positive US data overnight, with focus on developments in Japan.

US stocks jumped on Thursday with the Dow leading gains by over 1 per cent following strong data releases.

Third-quarter gross-domestic product (GDP) rose 3.5 per cent, beating expectations, while a separate report showed that the underlying trend for first time weekly jobless claims is at its lowest level since 2000.

Brent crude was marginally lower as traders saw little chance of OPEC cutting output at its November meeting. From precious metals space, gold traded around US dollar 1200 an ounce its lowest level in nearly 4 weeks. Asian stocks rose on the final trading day of the week following positive US data overnight, with focus on developments in Japan.

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