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Sensex breaches 22,000 mark; Nifty also hits new peak

Monday, 10 March 2014 - 10:13am IST | Place: Mumbai | Agency: PTI
After breaching 22,000 level for the first time, the benchmark BSE Sensex fell 47 points in early trade today on emergence of profit-booking by funds and retail investors tracking weak cues in other Asian markets.
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The benchmark Sensex on Monday hit a lifetime high of 22,023.98 and ended at yet another record close of 21,934.83 with a modest gain of 15 points, extending the winning run to the fifth day, aided by overseas investor interest in capital goods, realty and banking shares.

The NSE Nifty also closed at a new peak of 6,537.25 by adding 10.60 points, or 0.16 %. It hit all-time high of 6,562.20 during the day. The BSE Sensex advanced 15.04 points, or 0.07 % to end at 21,934.83, surpassing the previous record of 21,919.79 set on last Friday.

In five days, it has gained 988 points. Intra day, the 30-share gauge hit 22,023.98 on solid buying in bluechips like HDFC Bank, L&T, Maruti and M&M. "Positive global cues, optimism ahead of upcoming elections and FIIs buying is leading to sustained momentum in the index," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. Index heavyweight Reliance Industries spurted 1.93% on expectations of higher production at gas fields.

Overseas investors have remained net buyers for the past three weeks and have helped in pushing up key indices by nearly 4.5 % since February 26, said traders. Brokers said the market remained in a bullish mood as recent reports have shown the economy is on recovery mode. Support from engineering and interest-rate linked stocks helped the domestic market consolidate gains.

However, IT stocks saw continued profit-booking as the rupee strengthened. In the Sensex, 15 stocks ended in the green while the other 15 closed in the red — limiting overall gains. Other major gainers were SBI, ICICI Bank, Axis Bank, BHEL, Bajaj Auto and Bharti Airtel. Infosys, TCS and Wipro declined, pulling down the BSE IT sector index by 2.42 %. On the gainers side, the BSE Capital Goods sector index gained the most by rising 2.77 %, followed by Realty index by 2.47 %, Banking index 1.91 % and Oil & Gas index 1.12 %.


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