Breathtaking rally continues to smash barriers, NSE Nifty closed at lifetime high of 7,263 pts

Written by PTI | Mumbai | Updated: May 20 2014, 02:41am hrs
NSe NiftyNSE Nifty index fluctuated between high of 7,291.10 and a low of 7,193.55 during the day. (AP)
Euphoric investors' fraternity and industries hailed the historic landslide victory for the Narendra Modi-led BJP sending the benchmark to illustrate a historic point amid expectations of sweeping economic reforms.

Continuing its blistering record-breaking run for the third trading session in a row, the bellwether Nifty blasted to conquer another lifetime closing high of 7,263.55 on the National Stock Exchange (NSE).

Financials, capital goods, infra, metal and realty counters mainly spearheaded the surge even as mid and small cap stocks joined the party.

India's stock market are hitting record highs over the past few weeks, largely due to an outpouring of optimism that Narendra Modi led government, which swept into power with an absolute majority, would be able to speed up policy reforms to rejuvenate the country's ailing economy which plunged into decade lows mangled with rising food prices and corruption.

Despite a strong start fuelled by investors' optimism amid strong foreign funds buying, the key indices surrendered some early gains on profit-taking in select counters.

Generally viewed as the safest defensive sectors, such as fast moving consumer goods (FMCG), healthcare and technology witnessed continued selling and portfolio churning as investors seem to be taking more aggressive bets in the cyclical and policy-reform oriented sectors after poll outcome.

Meanwhile, most Asian and emerging markets ended lower on concerns about continuing tensions in Ukraine and worse than expected eurozone growth data.

The 50-share index fluctuated between high of 7,291.10 and a low of 7,193.55 before concluding at 7,291.10, showing a sharp rise of 60.55 points, or 0.84 per cent.

PSU capital goods major BHEL were the top index gainer with the stock soaring by a whopping 15.09 per cent followed by coal India 12.61 per cent, NTPC 10.64 pct, PNB 10.45 pct, ONGC 8.49 pct, Hindalco 7.68 pct, Tata Power 7.48 pct, DLF 7.42 pct, Jindal Steel 7.37 pct and IDFC 5.52 pct.

Key laggards included Tcs, Dr Reddy, Infosys, ITC, Hindunilver, Sun Pharma, Lupin, Wipro, HCL Tech and TechM.

Turnover in the cash segment dropped to Rs 30,552.75 crore from Rs 36,319.87 crore last Friday. A total of 19,090.27 lakh shares changed hands in 11,670,111 trades, while market capitalisation stood at Rs 81,37,067 crore.