Sensex scales 28,000 level, Nifty at new peak on falling oil rates | business | Hindustan Times
Today in New Delhi, India
Feb 28, 2017-Tuesday
New Delhi
  • Humidity
  • Wind

Sensex scales 28,000 level, Nifty at new peak on falling oil rates

business Updated: Nov 12, 2014 18:17 IST

The benchmark BSE Sensex for the first time settled above the 28,000 level and NSE Nifty crossed 8,400 level on buying in auto, banking and FMCG stocks as falling crude prices boosted market sentiment on Wednesday.

The 30-share Sensex touched life-time high of 28,126.48 points before concluding at record closing level 28,008.90, posting gains of 98.84 points or 0.35%.

The BSE barometer had breached the 27,000 level on September 2 this year.

The 50-share Nifty also crossed 8,400 level to scale life-time high of 8,415.05 points. It closed at record high of 8,383.30, up by 20.65 points, or 0.25%.

"Markets are trading near their all-time high levels. Further fall in crude prices and expectations of further reforms kept sentiments positive," said Dipen Shah, head of private client group research, Kotak Securities.

Foreign portfolio investors (FPIs) bought shares worth Rs 458.04 crore on Tuesday, according to provisional data from stock exchanges.

"Markets are expecting the CPI (consumer inflation) to trend further lower. The fall in CPI over the past few months has led to expectations of an early interest rate cut," Shah added.

Among major Sensex gainers, Axis Bank rose the most by 3.02%, followed by Bajaj Auto (2.10%) and Tata Motors (1.71%).

Gains in ITC Ltd (1.55%), Hero MotoCorp (1.50%), ICICI Bank (1.33%) and HDFC Ltd (1.12%) also supported the indices to scale new peaks.

"Though the benchmarks were finally seen crossing the consolidation range on higher side but cautiousness among the participants kept the upside capped ahead of crucial economic data of CPI inflation and IIP numbers, which are scheduled post market," president of retail distribution in Religare Securities, Jayant Manglik, said.

Cipla, Tata Power, Tata Steel and NTPC were among major losers with losses of up to 3%.

Sectorwise, BSE Auto index gained the most by rising 1.18%, followed by Bank index 1.12%, FMCG 0.96% and Consumer Durables index 0.55%.

Buying activity in small and midcap also gathered momentum, with the BSE midcap index rising by 0.47% and smallcap index by 0.20%.

Jignesh Chaudhary, head of research, Veracity Broking Services said, "Today (Wednesday) also, local equities traded strong to hit record high with the help of some blue chip companies."

Among 30 Sensex scrips, 16 ended higher while 14 others ended lower.

The total market breadth remained slightly positive as 1,524 stocks close in the green while 1,520 finished in the red. The total turnover rose to Rs 3,649.38 crores from Rs 3,285.02 crores on Tuesday.

Asian stocks ended mixed after Wall Street edged up to its fifth straight record close on Tuesday. Key indices in China, Hong Kong, Japan and South Korea rose by 0.43% to 1.00% while indices in Singapore and Taiwan fell by 0.26% to 1.28%.

European stocks were trading lower after the US, Swiss and British regulators ordered five banks to pay about USD 3.3 billion. Key indices in Germany, France and the UK moved down by 0.36% to 0.89%.