Sensex zooms 440 pts to over 13-mth high, Nifty breaches 8,700

Mumbai, Aug 30 (PTI) BSE Sensex zoomed over 440 points toclose at an over 13-month high of 28,343.01, while the broaderNifty went past the psychological 8,700-level to finish at16-month high of 8,744.35, lifted by positive global cues. Overnight gains on the US bourses with investors taperingthe soon rate hike outlook triggered a rally in broader Asianand European markets, helping in reviving the domesticsentiment as well after a brief phase of sluggishness. Besides, a sustained FII buying, a slew of positivecorporate results as well as RBI’s bullish annual growthreport also added to positive cues. Vinod Nair, Head of Research, Geojit BNP ParibasFinancial Services, said, "Market regained its strength asFIIs continue to pour into the domestic market despite alikely hike in FED rate. FII inflow has improved post a mutedtrend seen last week awaiting the FED chair’s speech lastFriday. Global markets continue to be positive as investorshave largely factored an interest rate hike in 2016." A firm trading momentum witnessed as retail investors andfunds piled up positions in key frontline shares across thesectors led by auto, IT, capital goods, banks, financials,metals, consumer durables, oil&gas, power, realty, teckinfrastructure, healthcare, PSUs, energy, utilities and basicmaterials. The second-line midcap and smallcap companies alsowitnessed heavy buying; however, the telecom sector sawselling. Reserve Bank reported a near-term growth outlook forIndia seems brighter than last fiscal and the economy islikely to expand at 7.6 per cent this year, primarily due tobetter monsoon, as well as better money in the hands ofgovernment employees owing to the 7th Pay Commissionimplementation, while it underlined bearish global growth. The 30-share Sensex resumed at 28,012.46 and movedbetween a high of 28,478.02 and a low of 28,010.66 beforeconcluding at 28,343.01, showing a gain of 440.35, or 1.58 percent over its last close. The Sensex had closed at 28,370.84on July 23, 2015. The NSE Nifty also climbed 136.90 points, or 1.59 percent, to 8,744.35 after trading between 8,750.60 and 8,642.25.(The key index had closed at 8,750.20 on April 15, 2015). Elsewhere, Asian stocks ended higher, while Europeanmarket also opened on a positive note tracking overnight gainsin the US market weighed by increased prospects for FederalReserve rate hike this year. MORE PTI PAK ARRMKJ