Nifty tops 9K for first time, Sensex up 135 points as stocks rally | business | Hindustan Times
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Nifty tops 9K for first time, Sensex up 135 points as stocks rally

business Updated: Mar 03, 2015 17:31 IST
PTI
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The benchmark Sensex on Tuesday surged about 135 points to end at over one-month closing high of 29,593.73 while the NSE Nifty index topped 9,000 mark for the first time on continued optimism over economic reforms and solid foreign fund buying in RIL, TCS and Sun Pharma shares.

The NSE Nifty, after hitting all-time high of of 9,008.40 in the fag-end, ended at new closing peak of 8,996.25 -- a rise of 39.50 points or 0.44%. The Nifty has surpassed its previous life high of 8,996.60 hit on January 30. It also beat its previous closing peak of 8,956.75 on Monday.

Markets have gained in the last 4 days with benchmark indices spurting over 3.5%. Growth-oriented budget proposals have also boosted investor optimism, brokers said.

The sustained rally has been possible as participants shrugged off data showing slower growth in eight core industries in January and fiscal deficit in April-January period breaching the budget estimate, they added.

Overcoming the initial choppiness and volatility, the key indices witnessed a strong rebound in late afternoon trade led by index heavyweight Reliance Industries following expectations of solid earnings show as crude price rebounded.

IT giant TCS also spurted about 4%, followed by 2% gains in HDFC and Sun Pharma. The drug major will buy GSK's Opiates business in Australia.

The BSE Sensex opened a tad higher at 29,500.19 and swung between a high of 29,636.86 and a low of 29,364.87 before ending at 29,593.73 -- a gain of 134.59, or 0.46%.

Sentiment also remained upbeat on expectations that the government will try to push its big reform measures including the much awaited Insurance Bill and Coal Mines Bill in the ongoing Parliament session.

Among the sectoral indices, strong buying was seen in oil and gas and refineries followed by IT, tech and healthcare, realty, auto, metal and banking succumbed to selling pressure.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 424.79 crore on Monday, as per provisional data from stock exchanges.

Barring South Korea's Kospi index which settled at a new five-month high, elsewhere in Asia most equity indices ended sharply lower. Profit-taking was witnessed as a surprise interest rate cut by the Chinese central bank failed to maintain its momentum in the market, say analysts.

European markets, however, were trading firm reacting to slew of earnings.

Back home, as many as 19 scrips among 30 Sensex shares ended in the green while the remaining 11 were in the red.

The total market breadth continued to rule firm as 1,677 stocks ended in positive terrain, 1,176 ended in negative
while 143 ruled stable.

Major Sensex gainers included RIL 4.39%, TCS 3.92%, Bajaj Auto 2.18%, Cipla 2.14%, Sun Pharma 2.01%, HDFC 1.94%, Sesa Sterlite 1.63%, Tata Power 1.34%, Wipro 1.27% and Hindalco 1.15%.

Notable losers were M&M down 3.26%, Axis Bank 2.34%, Tata Motors 1.63% and NTPC 0.72%. Coal India shares went ex-dividend.

Among the S&P BSE sectoral indices, oil and gas jumped by 2.21%, followed by healthcare 1.33%, IT 1.45%, TECK 1.27% and consumer durable 0.59%. However, Realty tumbled by 1.19%, auto by 0.86% and metal by 0.65%.

The total turnover on the BSE dropped to Rs 4,224.06 crore on Tuesday compared to 4,647.93 crore on Monday.

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