Sensex, Nifty hit new record highs
A benchmark index of Indian equities markets surged 309.88 points or 1.18 percent to hit a record high of 26,413.11 points before closing at 26,390.96 points.
Healthy buying was observed in bank, capital goods, oil and gas, automobile and metal sectors, while selling pressure was seen in IT and fast moving consumer goods (FMCG) stocks.
The 30-scrip Sensitive Index (Sensex) of the S and P Bombay Stock Exchange (BSE), which opened at 26,123.69 points, closed the day's trade at 26,390.96 points (provisional), up 287.73 points or 1.10 percent from the previous day's close at 26,103.23 points.
The Sensex touched a high of 26,413.11 points and a low of 26,075.28 points in the trade so far.
"Fall in crude prices and likely chances of rise in domestic currency has developed momentum and that has triggered massive short covering towards the end. Today almost all banks, capital goods and infra stock did extremely well," said Shrikant Chouhan, head, technical research, Kotak Securities.
"Auto stocks also did well, especially Tata motors and Maruti. We are of the view that Technology stocks are going to underperform in the near term but buying in mid-cap IT stocks should do well."
The S and P BSE bankex surged by 406.71 points, capital goods index gained by 333.87 points, oil and gas index got augmented by 286.92, automobile index moved up by 259.63 points and metal index went up by 187.30 points.
However, IT index went down by 40.35 points and FMCG index was lower by 31.86 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed the trading up 82.55 points or 1.06 percent up at 7,874.25 points. It surpassed its previous record high of 7,840.95 hit on July 25.
The major Sensex gainers were: ONGC, up 5.33 percent at Rs.431.80; Cipla, up 4.85 percent at Rs.469.75; Axis Bank, up 4.29 percent at Rs.393.90; BHEL, up 4.00 percent at Rs.221.05; and Tata Motors, up 3.98 percent at Rs.503.90.
The losers were: ITC, down 1.68 percent at Rs.350.75; Infosys, down 1.26 percent at Rs.3,558.45, HDFC, down 1.04 percent at Rs.1,112.75, Tata Consultancy Services (TCS), down 0.40 percent at Rs.2,486.45; and Hero MotoCorp, down 0.06 percent at Rs.2,509.35.
(Posted on 18-08-2014)