Sunday, Oct 26, 2014

Nifty powers past 7,000-pt mark, Sensex hits second straight record high

Reuters | Mumbai | Posted: May 12, 2014 10:00 am | Updated: May 12, 2014 5:11 pm

Stocks markets continued their record-breaking show as BSE benchmark Sensex ended at new closing high of 23,551 and NSE Nifty at 7,014.25 in anticipation that exit polls later today will show formation of a stable government at the Centre.

Intra-day, the Sensex rallied to an all-time high of 23,572.88, surpassing previous high of 23,048.49 and the Nifty touched 7,020.75, breaking the earlier high of 6,871.35.

Shares of refinery, power, auto, capital goods, banking, FMCG and metal firmed up sharply on good buying support from investors and operators. Consumer Durable, IT and Teck sectors also firmed up in line with other sectors. Healthcare, however, declined on mild selling.

The Sensex resumed higher at 23,031.11 and firmed up further to an all-time high of 23,572.88, before settling at 23,551.00, showing a sharp rise of 556.77 points or 2.42 per cent from its last weekend’s record closing of 22,994.23.

The NSE 50-share Nifty crossed 7,000 level for the first time in the history to touch 7,020.75. It finally ended at 7,014.25, showing a smart gain of 155.45 points or 2.27 per cent. It surpassed previous closing high of 6,858.80.

The rupee was trading at 59.8 levels against US dollar.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said: “Positive sentiments in the global equities helped our local indices to trade strong. Indices posted new all time highs… in anticipation that the exit polls today will show BJP on the winning side.”

The nine-phase long Lok Sabha polls end today and the first set of exit polls are expected to be out soon.

Sentiments were boosted on account of strong capital inflows into the Indian equity market. Last Friday, a net Rs 1,268.78 crore was pumped as per provisional data from the stock exchanges.

Most Asian stocks ended higher after Chinese President Xi Jinping reportedly said the nation needs to adapt to a new normal” in the pace of economic growth.

Key benchmark indices in South Korea, Hong Kong and China finished higher in 0.43 per cent to 2.08 per cent range.
Indices in Japan, Singapore and Taiwan eased by 0.35 per cent to 0.91 per cent.

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