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Sensex soars 325 points to record high of 25,841

Extending gains for the fourth day, the Sensex and the Nifty surged to new life highs and settled at record levels on Wednesday after Finance Minister Arun Jaitley’s comments fuelled hopes that the Union Budget next week would list steps to curb surging deficit and rev up growth.

Positive global cues too aided the winning spree as the S&P 500 index and the Dow Jones Industrial Average climbed to an all-time highs on Tuesday as manufacturing activity picked up in the US and Asia in June and increased optimism about the global economy’s health. Buying was seen across-the-spectrum as all 12 sectoral indices closed with gains between 0.05 per cent and 2.01 per cent with metal, healthcare, power, capital goods, auto, FMCG, banking and consumer durable segments taking the lead.

The BSE 30-share barometer resumed strong in line with firm Asian cues and rallied further to fresh historic intra-day high of 25,864.53 before recording an all-time closing high of 25,841.21, revealing a rise of 324.86 points or 1.27 per cent. In straight four session of gains, the sensex has zoomed by 778.54 points or 3.11 per cent.

Similarly, the broad-based 50-issue CNX Nifty of the NSE also flared up by 90.45 points or 1.18 per cent to log its new closing peak of 7,725.15. It touched an intra-day peak of 7,732.40. Foreign institutional investors (FIIs) continued to play a key role behind the recent bull run as they picked up shares worth Rs 856.35 crore on Tuesday, as per provisional data.

Market participants expected higher allocations for the infrastructure sector in the forthcoming union budget to revive the economy. Asian stocks ended higher after reports showing manufacturing expansion in US, the world’s biggest economy sent US stocks to records.
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