Sensex hits record high; posts seventh consecutive monthly gain
Posted on Aug 28 2014 | IANS
Mumbai, Aug 28 : A benchmark index of Indian equities markets Thursday hit a record high of 26,674.38 points before closing the day's trade at 26,638.11 points -- in yet another record.
It surpassed the previous high of 26,630.74 points it touched Aug 25. This was the seventh consecutive monthly gain of the benchmark index.
Good buying was observed in capital goods and oil and gas sectors, while selling pressure was seen in metal sector.
The 30-scrip Sensitive Index (Sensex) of the S and P Bombay Stock Exchange (BSE), which opened at 26,620.18 points, closed the day's trade at 26,638.11 points, up 77.96 points or 0.29 percent from the previous day's close at 26,560.15 points.
The Sensex touched a high of 26,674.38 points and a low of 26,573.69 points in the intra-day trade.
The S and P BSE capital goods index surged by 210.59 points and oil and gas index went up by 117.02 points. However, metal index dropped sharply by 105.23 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed the day's trade 18.30 points or 0.23 percent up at 7,954.35 points.
"Markets consolidated at higher levels during the week, ending the month with around 3 percent gains. Several mid-caps found buyers and outperformed the broader indices. FIIs were net buyers but buying was subdued over the week. Easing of geo-political tensions in Israel-Palestine also helped," Dipen Shah, head - private client group research, Kotak Securities said.
"Going ahead, expectations on interest rate movements in US and fiscal reforms in India will continue to drive the markets in the medium-to-long term. In the short term, geo-political issues and the monsoon will be the triggers to track," he added.
The major Sensex gainers were: BHEL, up 5.04 percent at Rs.240.75; GAIL, up 1.96 percent at Rs.443.80; ONGC, up 1.73 percent at Rs.435.15; Larsen and Toubro, up 1.62 percent at Rs.1,526.90; Wipro, up 1.39 percent at Rs.565.40; and ICICI Bank, up 1.01 percent at Rs.1,556.55.
The losers were: Tata Power, down 1.97 percent at Rs.86.90; Tata Steel, down 1.78 percent at Rs.513.55; State Bank of India, down 1.70 percent at Rs.2,460.45; NTPC, down 1.18 percent at Rs.137.70; Hindalco, down 1.10 percent at Rs.170.10; and Infosys, down 1.07 percent at Rs.3,594.
The buoyancy seen by Indian markets was, however, not shared by financial markets elsewhere.
Among Asian markets, the Nikkei closed 0.48 percent down, Hong Kong's Hang Sang was down by 0.71 percent and China's Shanghai Composite index closed 0.62 percent down.
In Europe, London's FTSE 100 was down 0.46 percent, Germany's DAX Index was 1.46 percent lower and France's CAC 40 was down by 0.93 percent.