Tuesday, Sep 16, 2014

Sensex, Nifty hit new record highs as dream run continues

BSE Sensex surges 376.95 points to record closing high of 25,396.46. BSE Sensex surges 376.95 points to record closing high of 25,396.46.
Reuters | Mumbai | Posted: June 6, 2014 4:36 pm | Updated: June 6, 2014 4:54 pm

Extending their record-breaking show, benchmark indices Sensex and Nifty today hit new life-time highs and ended about 1.5 per cent up as southwest monsoon set in and hefty overseas inflows continued, buoyed by hopes of policy reforms by the new government.

Besides, a firming trend overseas after European Central Bank announced stimulus measures, accelerated fund flows into emerging markets like India, brokers said.

Intra-day, the BSE Sensex rallied to an all-time high of 25,419.14, surpassing previous high of 25,375.63. It closed at a new high of 25,396.46, logging a gain of 1.51 per cent or 376.95 points — its best single-day rise in over three weeks.

The Sensex’s previous all-time intra-day high of 25,375.63 was hit on May 16, the day election results showed the BJP had clinched a landslide victory in Lok Sabha polls.

Nine of the twelve of the sectoral indices ended in the green. Realty, oil&gas and banking shares led the surge.

The NSE Nifty touched a new life high of 7,592.70, breaching the earlier high of 7,563.50. It closed up 109.30 points, or 1.46 per cent, to end at new high of 7,583.40.

The Nifty’s previous all-time intra-day high of 7,563.50 was also hit on May 16.

“Oil ministry is likely to take decision on gas pricing by month-end, generating renewed buying in the sector. Positive news about Monsoon also boosted market sentiment,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.

Onset of Monsoon is expected to ease prices of food grains, helping RBI to control sticky inflation, say experts.

Investors heavily bought oil&gas shares after reports said the government is likely to hike natural gas rates from July 1 after a new price formulation is approved by the Cabinet. Among Sensex, ONGC shot up nearly 11 per cent and RIL gained about 3 per cent. GAIL, out Sensex, rose 7.5 per cent.

Of the 30 Sensex scrips, 24 ended higher, while six led Infosys, Hindualco, Sesa Sterlite, Bharti Airtel, Tata Consultancy Services and Coal India ended lower. Shares of Infosys fell 1.28 per cent following exit of a key executive.

Sectorwise, BSE realty index gained the most by rising 5.02 per cent, followed by Oil and gas index up 4.82 per cent and Banking index that jumped 1.65 per cent.

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