Sensex closes above record 21K ahead of US Fed meet
31 Oct 2013 10:59 PM GMT
Foreign investors were net buyers for an 18th consecutive session on Tuesday, bringing their total buying to nearly Rs. 15,000 crore during that period.
Building up on Tuesday’s 359-point rally following the RBI policy, the Sensex surged 104.96 points, or 0.5 per cent, to 21,033.97. The highest close previously was 21,004.96 on 5 November, 2010, while the intra-day record high was 21,206.77, which was hit on 10 January, 2008. Hectic short covering ahead of the expiry of futures and options October contracts on Thursday, along with foreign capital inflows and higher global cues pushed the index higher.
All but two of the 13 sectoral indices advanced, led by healthcare, FMCG, teck and power stocks. ITC and ICICI Bank boosted the Sensex. Bharti Airtel, which posted a better-than-expected operating performance, was the biggest gainer on the index.
‘The festive season seems to be getting better and better,’ said Amar Ambani, Head of Research, at India Infoline. ‘The momentum continued for the second straight day post RBI's decision of cutting the marginal standing facility rate bringing cheer on Dalal Street.’ The 50-share CNX Nifty on the National Stock Exchange rose 30.80 points, or 0.5 per cent, to 6,251.70. The SX40 on the MCX Stock Exchange closed up 69.68 points at 12,514.81.
Foreign institutional investors continued their buying spree and invested a net Rs 1,103.04 crore in shares on Tuesday, according to provisional data from the stock exchanges. Overseas funds are investing in emerging markets as the Fed continues its $85 billion bond-buying programme every month.
Asian stocks ended higher on rising company earnings and expectations the Federal Reserve will maintain the pace of its monetary stimulus. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea rose. Indices in France, Germany and the UK also moved up, while there were indications of a higher opening in US index futures.
Among the 30 Sensex shares, 17 stocks gained, led by Bharti Airtel (5.23 per cent), Dr Reddy's Laboratories (3.87 per cent), Hindalco Industries (2.77 per cent), ICICI Bank (2.23 per cent) and Bhel (2.09 per cent). The losers on the index included Wipro, which dropped 2.17 per cent, followed by Sesa Sterlite 1.29 per cent, HDFC Bank 0.95 per cent and State Bank of India 0.94 per cent.
The market breadth was positive as 1,259 stocks closed higher and 1,185 lower. Among sectoral indices, healthcare rose 1.19 per cent, FMCG 1.12, tech 0.66 and power 0.51 per cent. The mid-cap and small-cap indices were also quoted higher by 0.25 and 0.64 per cent respectively.
Building up on Tuesday’s 359-point rally following the RBI policy, the Sensex surged 104.96 points, or 0.5 per cent, to 21,033.97. The highest close previously was 21,004.96 on 5 November, 2010, while the intra-day record high was 21,206.77, which was hit on 10 January, 2008. Hectic short covering ahead of the expiry of futures and options October contracts on Thursday, along with foreign capital inflows and higher global cues pushed the index higher.
All but two of the 13 sectoral indices advanced, led by healthcare, FMCG, teck and power stocks. ITC and ICICI Bank boosted the Sensex. Bharti Airtel, which posted a better-than-expected operating performance, was the biggest gainer on the index.
‘The festive season seems to be getting better and better,’ said Amar Ambani, Head of Research, at India Infoline. ‘The momentum continued for the second straight day post RBI's decision of cutting the marginal standing facility rate bringing cheer on Dalal Street.’ The 50-share CNX Nifty on the National Stock Exchange rose 30.80 points, or 0.5 per cent, to 6,251.70. The SX40 on the MCX Stock Exchange closed up 69.68 points at 12,514.81.
Foreign institutional investors continued their buying spree and invested a net Rs 1,103.04 crore in shares on Tuesday, according to provisional data from the stock exchanges. Overseas funds are investing in emerging markets as the Fed continues its $85 billion bond-buying programme every month.
Asian stocks ended higher on rising company earnings and expectations the Federal Reserve will maintain the pace of its monetary stimulus. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea rose. Indices in France, Germany and the UK also moved up, while there were indications of a higher opening in US index futures.
Among the 30 Sensex shares, 17 stocks gained, led by Bharti Airtel (5.23 per cent), Dr Reddy's Laboratories (3.87 per cent), Hindalco Industries (2.77 per cent), ICICI Bank (2.23 per cent) and Bhel (2.09 per cent). The losers on the index included Wipro, which dropped 2.17 per cent, followed by Sesa Sterlite 1.29 per cent, HDFC Bank 0.95 per cent and State Bank of India 0.94 per cent.
The market breadth was positive as 1,259 stocks closed higher and 1,185 lower. Among sectoral indices, healthcare rose 1.19 per cent, FMCG 1.12, tech 0.66 and power 0.51 per cent. The mid-cap and small-cap indices were also quoted higher by 0.25 and 0.64 per cent respectively.
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