File-AP Photo/Rajanish Kakade
Sensex, Nifty End at New High Over Govt's Economic Agenda

Continuing their record-breaking spree, equity benchmarks BSE Sensex and NSE Nifty today closed at new highs, boosting stock wealth by Rs 1 lakh crore, on across-the-board buying enthused by Narendra Modi-led goverment's investor-friendly economic agenda.

Overall, 10 out of 12 BSE sectoral indices closed up. Realty, capital goods, power, metal, consumer durable and auto segments led the pack. Investor wealth rose to Rs 90.26 lakh crore as 2,300 stocks rose of the over 3,100 traded.

The Sensex resumed strong on firm Asian cues and improved further to a new intra-day historic high of 25,644.77 before settling at 25,580.21 -also new closing peak- up by 183.75 points or 0.72 per cent. In straight three sessions, it has jumped by 774.38 points or 3.12 per cent.

Bajaj Auto, Coal India and L&T led the 20 Sensex gainers.

The broader 50-issue CNX Nifty of the NSE also flared up by 71.20 points, or 0.94 per cent, to log its fresh closing high of 7,654.60. It touched a new intra-day peak of 7,673.70.

Addressing a Joint Sitting of Parliament, President Pranab Mukherjee said curtailing food inflation will be Prime Minister Narendra Modi's top priority as his government pursues broad economic reforms focused on job creation, reviving growth, encouraging FDI and introducing a non- adversarial tax regime.

Remarks on infrastructure programmes, revamping of railways and enhancing electricity generation capacity. Also boosted the market sentiment, sending indices to new peaks.

"Markets rose after President Mukherjee unveiled new government's economic reforms agenda, which included introducing GST, encouraging foreign investment and speeding up nods for major business projects" said Jayant Manglik, President-retail distribution, Religare Securities.

TCS, HDFC, ITC, Tata Steel, Maruti Suzuki, Hero MotoCorp, Tata Power and Gail India closed with marked gains in Sensex.

Impressive US jobs report and an upward revision of Japanese economic growth and last week's ECB stimulus to boost the eurozone economy, also aided the domestic sentiment.

FIIs bought shares worth Rs 1,283.04 crore last Friday, taking investments to nearly Rs 50,000 crore this year.

Globally, barring South Korea, other Asian markets closed higher between 0.03 per cent and 0.73 per cent on better than expected US payrolls, Chinese trade and Japanese economic growth data, said traders.

European stocks were trading mixed with an upward bias. Germany's DAX was up by 0.27 per cent and the UK's FTSE up by 0.13 per cent while the France's CAC was down 0.03 per cent.

In all, 20 out of 30 Sensex-based counters closed with gains while others settled with losses. Bajaj Auto was the top gainer from the Sensex pack with a rise of 5.48 per cent, followed by Coal India 5.22 per cent, L&T 3.51 per cent, Tata Power 2.53 per cent, Tata Steel 2.49 per cent, Gail India 2.30 per cent, Tata Motors 1.92 per cent, Maruti Suzuki 1.66 per cent, TCS 1.49 per cent and Hero MotoCorp 1.11 per cent.

However, ONGC declined 2.26 per cent, HUL down 1.24 per cent, SBI slid 1.18 per cent and Infosys slipped 0.66 percent.

"The next set of numbers that will impact the markets are the inflation data for May and IIP data for April," said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities.

Among the S&P BSE sectoral indices, Realty shot up by 5.61 per cent, Capital Goods by 2.33 per cent, Power by 2.15 per cent, Consumer Durables by 1.82 per cent, Metal by 1.73 per cent and Auto by 1.51 per cent.

Total market breadth was strong. 2,307 stocks closed in the green while 778 finished in the red while 82 closed flat. Total market turnover dropped to Rs 4,884.72 crore from Rs 5,177.14 crore yesterday.

Emerging story. Watch this space for updates as more details come in
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1/D-53
Jun 09, 2014
06:39 PM

where is this heading who is buying?its going cross 100000 point?what its actual worth? anybody knows

sujith nair, pune
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