Sensex rises 74 points, logs longest winning run in 2015
Rallying for the eighth consecutive session, the benchmark BSE Sensex on Tuesday rose 74.16 points to 27,804.37, its longest winning streak this year as above-normal monsoon has eased inflation concerns.business Updated: Jun 23, 2015 17:07 IST
Rallying for the eighth consecutive session, the benchmark BSE Sensex on Tuesday rose 74.16 points to 27,804.37, its longest winning streak this year as above-normal monsoon has eased inflation concerns.
Sentiment got a boost after finance minister Arun Jaitley on Monday said the government will soon infuse capital in public sector banks, equity brokers said.
Hopes that better-than-forecasted monsoon may help the RBI cut rates sooner than expected, too triggered buying activity, they added.
The BSE Sensex resumed higher at 27,760.11, but slipped into negative terrain briefly as profit-booking emerged at higher levels.
However, it bounced back to hit a high of 27,882.66, before settling at 27,804.37, a gain of 74.16 points or 0.27%.
In eight straight sessions, its longest winning-run since January 27, the Sensex has zoomed by 1,433.39 points.
The NSE Nifty ended with a gain of 28.45 points or 0.34% at 8,381.55 after shuttling between 8,398.45 and 8,334.95.
Besides, positive global cues on revived hopes of Greece striking a deal with its creditors, buoyed trading sentiments.
Prominent gainers among the Sensex stocks were Coal India, Cipla, L&T, M&M, NTPC, ITC, HDFC, Bharti Airtel, Tata Steel, Maruti Suzuki, SBI, GAIL, Hindalco, RIL, Dr Reddy's, Hindustan Unilever, HDFC Bank, ONGC and Sun Pharma.
Among 30-Sensex components, 19 stocks gained, while Vedanta ended flat. Sectoriwse, the BSE metal index gained the most by surging 1.71%, followed by capital goods 1.41%, PSU 1.18%, oil&gas 0.83%, realty 0.33%, bankex 0.33% and FMCG index 0.28%.
In line with broad trend, Small-cap index rose 0.45% and mid-cap was up 0.08%. Meanwhile, foreign investors bought shares worth Rs 651.31 crore during Monday's session.
Globally, Japan's Nikkei index climbed 1.87% to close at new 15-year high, while European markets were up in their early trade on hopes for a Greek bailout deal.