Samvat year 2070 ended with a bang as Sensex on Wednesday soared 212 points to finish at one-month high and Nifty jumped 68 points to close just shy of 8,000 mark on optimism festive sales will boost earnings and hopes that Modi government will unleash more economic reforms.
The Hindu Samvat year 2070 saw Sensex flaring up by 5,547.87 points or 26.12%, its biggest gain in last five Samvat years.
In Samvat year 2065, it had gained 8,813.26 points or 103.57%. Investors in BSE listed stocks gained nearly Rs 25 lakh crore in Samvat year 2070.
In a firm but range bound trade on Wednesday, buying was seen across the board as all 12 BSE sectoral indices closed with gains between 0.06% and 2.97%.
Auto, capital goods and pharma counters took the lead in the surge. Second-line stocks also attracted good buying, indicating renewed support from retail investors.
"The optimism on the street was mainly due to sustained recovery in the global markets and positive momentum from the reform measures announced by the government recently," said Jayant Manglik, President-retail distribution, Religare Securities.
The benchmark S&P BSE Sensex resumed strong with a wide upside gap of over 200 points in line with firm Asian cues. It later moved in a narrow range of over 100 points before ending at one-month high of 26,787.23, logging a rise of 211.58 points or 0.80%.
Previously, it had closed at 27,206.74 on September 22, 2014. In straight four sessions, Sensex has gained 787.89 points or 3.03%.
The broad-based 50-issue CNX Nifty of the NSE also rallied by 68.15 points, or 0.86%, to end at almost one-month high of 7,995.90. It touched an intra-day high of 8,005.00.
"We understand that the consumer buying has been good in the run-up to the festive season leading to buying of select stocks. Capital goods stocks also performed well as they responded to the government actions related to coal block auctions," said Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.
Meanwhile, the provisional data released by the stock exchanges showed Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 32.40 crore on Tuesday.