Nifty moves from 8,200 to 8,300 level in just 5 hours

As the benchmark indices scaled new highs, the NSE Nifty on Friday journeyed from 8,200 to 8,300 level in just five hours time.

It is likely to be the shortest time span within which the index moved a 100 points, however, any such previous occurrence could not be ascertained.

The 50-share benchmark index Nifty opened on a bullish note at 8,200.80, and then surged over 100 points to touch the 8300 level at nearly 1500 hours, bouyed by a series of economic reforms undertaken by the Narendra Modi-led government and strong earnings by blue-chip companies.

The rally in the broader market also mirrored the positive trend seen in other Asian markets.

Nifty surged 153 points to fresh closing high of 8,322.20 points. In intra-day trade it touched 8,330.75 points.

"The Nifty has scaled a new record today. It has covered 100 points in a shortest period of time and this rally is going to extend in the next few days as well," CNI Research

CMD Kishore P Ostwal said, adding that next week Nifty is set to cross 5,500.

Ostwal further said that "today's rally was a bluechip-driven rally and the coming week is expected to favour small cap and mid cap stocks."

It was clearly a blue-chip driven rally, wherein IDFC gained more than 5 per cent, while HDFC, Gail, L&T and Tata Steel all registered over 3 per cent gain each.

Brokers said continued buying by foreign funds as well as retail investors, triggered by a series of economic reforms undertaken by the Narendra Modi-led government and strong

earnings by blue-chip companies, lifted the key indices to new highs.