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Key indices hit new highs for second day, Sensex just shy of 22000

Friday, 7 March 2014 - 1:15pm IST | Place: Ahmedabad, Mumbai | Agency: IANS
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Indian markets were on fire today with the Sensex surging to a new closing high of 21,919.79 and the Nifty soaring to yet another record close of 6,526.65 as foreign investors continued to support the pre-election rally. Realty, Banking, Capital Goods, and Oil& Gas indices notched up smart gains in 3.7-5.4% range, helping investor wealth balloon by nearly Rs85,000 crore.

Despite the strength in the index, IT and pharma stocks were under pressure as the rupee strengthened to 60-level against the US dollar intra-day.

Bhel, ICICI Bank, Axis Bank and Reliance Industries were among the 22 gainers in 30-share BSE Sensex, which today hit lifetime high of 21,960.89 -- less than 40 points shy of the 22,000 mark. It gained 405.92 points over Thursday's close. In four days, the Sensex has gained over 973 points.

Yesterday, it had closed at 21,513.87, surpassing previous closing high of 21,373.66 set on January 23, 2014. The NSE Nifty today hit a lifetime high of 6,537.80, crossing its previous record of 6,415.25 hit on December 9, 2013. It ended at a new record close of 6,526.65, up 125.50 points over 6,401.15 hit yesterday.

Finance Minister P Chidambaram today said the fiscal and current account deficits are under control and the economy is more stable than it was 18 months ago.

"Euphoria continues on Dalal Street. It was broadly on the hope the pre-election rally fuelled by foreign funds, along with an increased participation from retail investors will drive markets higher in near-term," said Jayant Manglik, President-retail distribution, Religare Securities.

Surging Indian equities received another push on firming Asian trend and higher opening in Europe as investors awaited the US jobs data later today. 

Foreign Institutional Investors were net buyers of Indian shares in fifteen straight sessions. Sectorally, the interest-sensitive BSE Realty sector index gained the most by rising 5.40%, followed by Banking index (up 5.35 per cent), Capital Goods index (4.05%) and Oil & Gas index (3.65%).


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