The NSE Nifty continued its record-breaking spree and hit yet another intra-day lifetime peak of 6,562.85 in late morning trade on a rally led by banking stocks on the back of sustained foreign capital inflows driven by an improvement in the domestic economy.

The S&P BSE Sensex resumed lower at 21,918.83 on initial selling, but recovered immediately to a high of 22,018.52 before quoting at 21,994.10 at 1015 hrs, showing a gain of 59.27 points, or 0.27 percent, from its last close.
    
The market sentiment was boosted by data showing that foreign funds made heavy purchases of domestic stocks on Monday.
    
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 1,253.65 crore on Monday, as per provisional data from the stock exchanges.
    
Nifty hits record high of 6,562.85 on widespread buying

The 50-issue NSE Nifty shot up by 25.60 points, or 0.39 percent, to trade at an all-time high of 6,562.85, surpassing its previous intra-day high of 6,562.20 reached in Monday’s trade.

Brokers said reports that foreign funds have been major buyers on the domestic bourses on the back of country's improving economy and narrowing current account deficit in the third quarter of 2013-14 helped the Nifty to reach new highs.

Further, a firming trend in other Asian markets also influenced the trading sentiments here, they said.

Major gainers which contributed to the Nifty were ICICI Bank, State Bank of India, Reliance Industries, ONGC, Tata Consultancy Services, Infosys, Bajaj Auto, Tata Power and Larsen and Toubro.

Among banking stocks, ICICI Bank gained 2.03 percent, followed by SBI (0.71 percent) and Axis Bank (1.41 percent).

Asian stocks rose on Monday as investors weighed data showing China's credit growth trailed estimates in February and awaited the conclusion of the Bank of Japan's policy meeting.
    
Key indices in China, South Korea, Hong Kong, Taiwan, Singapore and Japan were up between 0.14 percent and 0.74 percent.
    
US stocks slid on Monday, pulling the Standard & Poor's 500 Index down from a record, as a slowdown in Chinese exports fuelled concerns over global economic growth.

(Agencies)

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