Mumbai: The BSE standard Sensex on Wednesday surged by over 358 points to resolve the day at all-time final high of 22,702 after the IMF forecast of 5.4 percent growth in 2014 triggered hectic buying by FIIs who anticipate market- friendly policies by the new management post-elections.
Share brokers said that with a strong GDP forecast, rupee strengthening and increase being under control, markets could be in the middle of big rallies in the next couple of months.
Buying support was so burly that 10 out of 12 sectoral indices established the day in the optimistic territory with banking, metal, pharma, capital goods, landed property and auto counters captivating the lead.
Only IT and Teck ended in the red ahead of the statement of fourth district earnings Infosys on April 15.
The 30-share guide ended the day at all-time concluding high of 22,702.34, a pour of 358.89 points or 1.61 percent from its previous close, snapping three days of losses.
This is the main gain for Sensex in the last one month. The best increase beforehand was on March 7 when Sensex spurted by 405.92 points.
An powerful fag-end buying by FII pushed the barometer to a fresh record high of 22,740.04 intra-day. The previous all-time high was 22,620.65 logged on April 3 this year.
The 50-issue NSE Nifty also flared up by 101.15 points or 1.51 percent to end at new peak of 6,796.20. It has recorded a historic intra-trade high of 6,808.70.
Post its Ranbaxy deal, Sun Pharma soared 6.91 percent to emerge as the biggest Sensex gainer. Among banking shares, Axis Bank rose 4.44 percent), followed by ICICI Bank at 4.18 percent and SBI 3.23 percent and HDFC Bank 2.61 percent.
Among big scum Infosys dropped by 1.16 percent.
"Sentiments remained up-beat on International Monetary Fund's (IMF) latest outlook that stated that India's enlargement is probable to get better to 5.4 per cent in 2014 supported by somewhat stronger global growth civilizing export competitiveness and achievement of recently accepted speculation projects," said Jayant Manglik, President (Retail Distribution), Religare Securities.
Jignesh Chaudhary, Head Of investigate, actuality Broking Services said: "Local equities again posted all-time high with the help of FIIs who have poured USD 10.3 billion into local stocks and bonds this year so far."
Foreign Institutional Investors (FIIs) invested a net Rs 703.71 crore on Monday, as per conditional data from the stock exchanges.
Top Sensex gainers built-in Tata Motors at 4.40 percent, Hindalco 4.05 percent, Tata Steel 3.18 percent, HDFC 2.96 percent, Gail India 2.36 percent, BHEL 2.14 percent, RIL 1.81 percent.
Among the S&P BSE sectoral indices, Bankex rose by 3.45 percent, followed by metal 2.26 percent, healthcare 2.21 percent, real property 1.85 percent, and purchaser goods 1.83 percent.
The market span sustained to show optimistic trend as 1,873 stocks ended in the green, 877 stocks ended in the red and 110 ruled stable.
"Once again, household leaning stocks led the rally with IT ending lower for the day. ongoing potential on the political outcome supported the response," said Dipen Shah, Head, Private Client Group Research, Kotak Securities.
Among Asian stocks, Japan fell by 2.10 percent, while China, Hong Kong, Singapore, South Korea and Taiwan stirred up by 0.18-1.09 percent.
European markets were also trading superior in their premature trade as key indices France, Germany and UK looked up by 0.43 percent to 0.76 percent