Millennium Post

... But Modimania lifts Sensex by 557 more pts

The market sentiment was boosted due to strong capital inflow from foreign funds into equity market as they invested net Rs 1,268.78 crore on last Friday as per provisional data from the stock exchanges. Shares of Refinery, Power, Auto, Capital Goods, Banking, FMCG and Metal firmed up sharply on good buying support from investors and operators.

Consumer durable, IT and tech sectors also firmed up in line with other sectors except healthcare which declined on mild selling.
The sensex resumed higher at 23,031.11 and firmed up further to an all-time high of 23,572.88 before settling at 23,551.00, showing a sharp rise of 556.77 points or 2.42 per cent from its last weekend's level.

The NSE 50-share Nifty crossed its 7,000 level for the first time in the history to 7,020.75 before ending at 7,014.25, showing a smart gain of 155.45 points or 2.27 per cent. Asian stocks ended higher after Chinese President Xi Jinping said the nation needs to adapt to a new normal in the pace of economic growth.

Key benchmark indices in South Korea, Hong Kong and China finished higher by 0.43 per cent to 2.08 per cent while indices in Japan, Singapore and Taiwan eased by 0.35 per cent to 0.91 per cent. European stocks were trading mixed in their early trade with mining shares advancing after a brokerage upgrade of the sector. Key benchmark indices in UK and Germany were up 0.19 per cent to 0.27 per centwhile France CAC index was off 0.17 per cent.

Indication of higher opening in US index futures also the another factor behind rise in market sentiment.

Jignesh Chaudhary, Head Of Research, Veracity Broking Services said, ‘Positive sentiments in the global equities helped our local indices to trade strong. Today ( Monday)also indices posted new all time high with the help of blue chip companies which traded positively. Investors in the anticipation that the exit polls on Monday will show Bharatiya Janata Party (BJP) on the winning side has boosted their confidence.’
25 stocks out the 30-share sensex pack ended higher while five finished lower.

Major gainers from the sensex pack were Coal India (7.04 per cent), HDFC Bank (4.59 per cent), Tata Motors (4.09 per cent), Hero Moto (4.01 per cent), Maruti Suzuki (3.99per cent) and  ITC (3.86 per cent).
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