Business Today

Markets cheer new govt's agenda; Sensex, Nifty close at new peak

While the 30-share Sensex settled at 25,580.21, up by 183.75 points, the 50-share Nifty flared up by 71.20 points, or 0.94 per cent, to log its fresh closing high of 7,654.60. Overall, 10 out of 12 BSE sectoral indices closed up.

twitter-logo PTI   Mumbai     Last Updated: June 9, 2014  | 17:45 IST
Markets cheer new govt's agenda, indices at new peaks
(Photo: Associated Press)

Equity benchmarks BSE Sensex and Nifty continued their record-breaking spree, closing at new highs on across-the-board buying enthused by Narendra Modi-led goverment's investor-friendly economic agenda.

The 30-share 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 a new closing peak - up by 183.75 points, or 0.72 per cent.

In straight three sessions, the BSE index has jumped by 774.38 points, or 3.12 per cent.

The 50-shares National Stock Exchange Nifty 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.

"Markets rose after President Pranab 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.

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.

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

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 European Central Bank 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.

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