Sensex, Nifty at fresh record highs; oil stocks lead rally
Stock markets on Monday hit fresh highs with Sensex rising 293.15 points and the Nifty surging 87.05 points to end at new peaks on the back of gains in refinery, IT, metal and capital goods shares amid robust fund inflows.business Updated: Sep 11, 2014 10:21 IST
Stock markets on Monday hit fresh highs with Sensex rising 293.15 points and the Nifty surging 87.05 points to end at new peaks on the back of gains in refinery, IT, metal and capital goods shares amid robust fund inflows.
In step with share market, the rupee also firmed up against dollar to hit 60.19 levels intra-day. After opening in positive terrain, the 30-share Sensex continued its upward march and soared to hit intra-day record high of 27,354.99, surpassing its earlier peak of 27,225.85 hit on September 3. The benchmark closed with gain of 293.15 points, or 1.08%, at new closing peak of 27,319.85, bettering earlier record of 27,139.94 (September 3).
The BSE index snapped the losing trend of previous two trading sessions where it had shed over 113 points.
The 50-share NSE rebounded 87.05 points, or 1.08%, to close the day at new record high of 8,173.90, breaching its previous record of 8114.60 hit on September 3.
Intra-day, it also hit a new life-time high of 8,180.20, bettering previous record fo 8,141.90 on September 3.
Overseas funds continued to remain major players on the bourses after Foreign Portfolio Investors bought shares worth Rs 310.51 crore last Friday, as per provisional data.
"Growth optimism continued to fuel markets. Easing geo-political tension in Ukraine led to Brent crude going below $100," said Dipen Shah, Head-PCG Research, Kotak Securities.
Equity brokers said after two days of consolidation, buying activity gathered momentum ahead of key macro economic data releases, including IIP and inflation, later this week. Gains in Sensex and Nifty were supported by gains in ONGC after Bank of America Merrill Lynch upgraded the stock amid softening global crude oil prices. ONGC was up 2.78%, GAIL gained 0.22% and Cairn India rose 2.24%.
Shares of OMCs BPCL, HPCL and IOC also advanced.
In line with overall trends, RIL jumped over 1%.
Among Sensex stocks, Hindalco stole the showing, rising 3.49%. Overall 26 Sensex stocks ended higher and 4 finished in negative zone. Gainers included Axis Bank, Bajaj Auto, Cipla, HDFC Bank, Hero Moto, ICICI Bank and Infosys.
Sectorwise, the BSE Oil & Gas gained the most by surging 1.79%, followed by FMCG 1.40%, Banking 1.38%, Capital Goods 1.29%, Metal 1.25% and IT 1.22%.
Globally, Asia was mixed in holiday-thinned trade while European stocks dropped on profit-taking.