BSE Sensex, NSE Nifty hit all-time records; Cipla Ltd, Bharti Airtel shares soar

Written by PTI | Updated: Sep 2 2014, 20:47pm hrs
BSE Sensex, NSE NiftyShares of the country's largest car-maker Maruti Suzuki rose 0.70 per cent, while HeroMoto Corp moved up 1.64 per cent.
The benchmark BSE Sensex today hit the 27,000-mark for the first time while the NSE Nifty soared to yet another high of 8,076.60 in afternoon trade on strong inflows of foreign funds buoyed by encouraging GDP data for the April-June quarter and narrowing CAD.

It took 40 trading sessions from July 7 to September 2 to reach the psychological 27,000-level from 26,000.

The BSE 30-share barometer, which had a solid run in the past few sessions, spurted by 134.71 points, or 0.50 per cent, to trade at a life-time high of 27,002.26, crossing previous record of 26,900.30. The gauge had gained 553.44 points in the previous seven sessions.

"With steady US bond yields despite ongoing taper and most other central banks in easing mode, the global liquidity is strong and is looking for better investment avenues in emerging markets. Monthly Emerging Market fund inflows in August were the second best in a decade. With domestic fundamentals on an improving trend, India is well positioned to receive global flows," said Harsha Upadhyaya, Chief Investment Officer- Equity, Kotak Mutual Fund.

Stocks of healthcare, infrastructure, realty, auto, oil & gas, consumer durables and banking sectors led the rally. Full Coverage: Indian rupee vs US dollar, others

The NSE Nifty also maintained its record-breaking trend and gathered another 48.90 points, or 0.60 per cent, to hit a new all-time high of 8,076.60, surpassing its earlier intra-day high of 8,035 touched yesterday.

Brokers said sentiment remained extremely bluish on the back of continued capital inflows, driven by positive economic data with the GDP growth improving to two-and-a-half year high of 5.7 per cent in the April-June quarter and the Current Account Deficit narrowing sharply to 1.7 per cent of GDP.

The market also got a boost after Japan yesterday announced doubling of its private and public investment in India to about USD 34 billion over the next five years, they said.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 554.14 crore yesterday as per provisional data from the stock exchanges.

Among the 30-Sensex stocks -- Cipla Ltd, Bharti Airtel, Sun Pharma, Dr Reddy, SBI, Axis Bank, HDFC Bank, HDFC Ltd, Maruti Suzuki India, HeroMoto Corp, Bajaj Auto, were the major contributors to the indices.

Among other Asian markets, Hong Kong's Hang Seng gained 0.07 per cent, while Japan's Nikkei rose 1.24 per cent in afternoon trade today.

The US markets remained closed yesterday.