Mkts show no sign of looking back as indices scale new highs
With foreign fund inflows continuing unabatedly, the BSE benchmark Sensex scaled a new high for the fifth straight day on Friday but ended a little lower at 22,339.97, which is its fresh closing record.business Updated: Mar 28, 2014 18:26 IST
With foreign fund inflows continuing unabatedly, the BSE benchmark Sensex scaled a new high for the fifth straight day on Friday but ended a little lower at 22,339.97, which is its fresh closing record.
The NSE Nifty also shot up by 54.15 points to record closing high of 6,695.90, after hitting a life-time high of 6,702.60 intra-day.
The rally is stocks was also aided by strengthening rupee which rose to sub-60 level at 59.90 for the first time in eight months on Friday.
After resuming the day better, the BSE 30-share barometer traded in the negative terrain for a brief time before setting all-time record of 22,363.97 points intra-day.
It finally settled the day at 22,339.97, 125.60 points or 0.57% higher than its previous close.
Market players attributed the surge to steady fund flows for the past 12 trading days in a row. According to market regulator Sebi's data, foreign institutional investors (FIIs) have poured in Rs 18,073 crore since March 12.
Barring Tuesday, when it closed lower by a marginal 0.27 points, bourses have been climbing new high all through this week. The Sensex this week also logged the biggest gain of 584.65 points in three weeks.
Buying was seen across the board today as all 12 sectoral indices closed with gains ranging from 0.24-3.02%, with power, realty, metal and banking segments leading.
Tata Power at 4.54% was the biggest Sensex gainer, while Hindalco surged 4.07%.
State-run SBI jumped 3.41%. NTPC was the next best at 3.29%. Bharti Airtel was up 2.19%.
Axis Bank rose 2.16%, Coal India 2.13%. Tata Steel, SSLT, RIL Dr Reddy's Lab gained over 1%.
"It seems participants are taking advantage of any pause or decline as an entry opportunity to avoid the feeling of being left out. Besides, majority of sectoral indices (expect IT and pharma) are participating in this rally," said Jayant Manglik, President, Retail Distribution, Religare Securities.