Sensex rebound 76 points; Nifty ends at new closing high
The benchmark Sensex on Wednesday rebounded over 76 points to end at near record highs on renewed buying in consumer durables, realty, power and PSU sector stocks amid a firming trend in the global markets.business Updated: May 22, 2014 17:27 IST
The benchmark Sensex on Wednesday rebounded over 76 points to end at near record highs on renewed buying in consumer durables, realty, power and PSU sector stocks amid a firming trend in the global markets.
Meanwhile, the NSE index Nifty closed 23.50 points higher at a fresh record close of 7,276.40, surpassing the previous record of 7,275.50 made on May 20.
The BSE 30-share Sensex resumed higher and advanced further to hit the day's high of 24,524.76 on increased capital inflows and on hopes that new government will take steps to accelerate economic growth.
However, some profit booking in IT shares trimmed gains to some extent. The BSE barometer finally settled at 24,374.40, up 76.38 points, or 0.31%. The gauge had lost 78.86 points to in the previous session, falling from its record closing high of 24,376.88.
"Small caps and Mid caps once again hogged the limelight. Realty sector was major gainer today. Most of the banking stocks were also seeing buying interest," said Nidhi Saraswat, senior research analyst, Bonanza Portfolio.
Jewellery stocks were back in demand after the Reserve Bank yesterday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. Shares of Titan, Gitanjali Gems and Rajesh Exports rose.
Similarly, PC Jeweller, Tribhovandas Bhimji Zaveri and Shree Ganesh Jewellery House climbed.
Positive global cues helped boost domestic sentiments as Asian stocks edged higher after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued US stimulus.
Among sectoral indices, BSE Consumer Durables gained the most by rising 6.78%, followed by Realty index (5.54%), Power index (2.20%), PSU index (1.80%) and Metal index (1.80%).