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Sensex surges 104 points on Budget hopes

Tuesday, 1 July 2014 - 9:55am IST | Agency: PTI

Continuing its upward journey for the third straight session, the benchmark BSE Sensex spurted by nearly 104 points in early trade today on sustained fund inflows on hopes of strong economic measures in the upcoming Union Budget.

The 30-share Sensex zoomed by 103.87 points, or 0.41%, to trade at 25,517.65 with metals, realty, PSU and oil and gas sector stocks leading the rise. The gauge had rallied by over 351.11 points in the past two sessions. On the similar lines, the 50-share NSE Nifty also gained 28.15 points, or 0.37%, to 7,639.50. Buying activity picked up in oil marketing company stocks following a hike in petrol and diesel prices as the crisis in Iraq spooked international oil and currency markets. HPCL rose 0.99% to Rs 420.05, BPCL up 0.51% to Rs 602.40 and Indian Oil Corp up by 1.64% to Rs 350.80. Brokers said sentiments remained bullish following sustained capital inflows by foreign funds and widespread buying by retail investors on optimism over the first Budget of the Narendra Modi-led government.

Stocks of power, capital goods, infrastructure and banking sectors continued to remain buyers' fancy on hopes of strong reforms for these sectors in the forthcoming Budget. Further, a firming trend in other Asian markets after data showed Chinese manufacturing activity picking up last month buoyed the trading sentiments here, they said.

Among other Asian markets, Japan's Nikkei gained 1.35% in early trade today, while financial markets in Hong Kong are closed for public holiday. The US Dow Jones Industrial Average ended 0.15% lower in yesterday's trade.

ALSO READ: Best quarter for BSE Sensex in 5 years
The Bombay Stock Exchange Sensitive Index (BSE Sensex) on Monday registered its highest gain in 19 quarters as it closed 1.25% at 25,413.78. The NSE Nifty closed 1.37% up at 7,611.35. During the April-June quarter, the Sensex gained 3027.51 points and the Nifty appreciated 907 points, both up 13.5%. Investor wealth (market capitalisation) grew by Rs 16 lakh crore to Rs 90.20 lakh crore. Read more




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