Nifty hits 10,500 for first time

The Nifty hit 10, 500 for the first time Friday while the Sensex also hit a fresh all-time high, powered by gains in banking, IT and auto stocks, reports NDTV Online.
Higher global markets also boosted sentiments. The Nifty at its day's high hit 10,501 before closing 52 points lower at 10,493. Strong US economic data, coupled with passage of a tax cut bill, boosted global markets. The BJP's win in state elections and positive global markets have spurred a rally with domestic markets setting new landmarks this week. Indian markets will be closed on Monday for Christmas.
The Sensex closed 184 higher at 33,940. Earlier in Friday's session, it hit a new intraday high of 33,964.
Among the Nifty50 stocks, ONGC, TCS, Bajaj Finance, Hindalco and Infosys led the gainers, rising between 1.7 per cent and 2.9 per cent.
The sentiment in IT stocks was lifted after global consulting and outsourcing services firm Accenture Plc's quarterly earnings and revenue topped Wall Street forecasts. The company also lifted its forecast for yearly earnings per share and gave a forecast for current quarter revenue largely ahead of analysts' expectations.
Among the top Nifty50 losers were Lupin, Dr Reddy's, Coal India, Tata Steel and UltraTech Cement - down nearly 1 per cent.
Going ahead, with assembly elections out of the way, Q3 earnings of India Inc and the Union Budget will be key factors to watch over next couple of months, according to analysts.
Infosys, India's second largest software services firm, will announce its earnings for the October-December quarter on January 12, kicking off the Q3 earnings season.