BSE Sensex trading above 22000, NSE Nifty hits all-time high, Maruti Suzuki up 9%

Written by fe Bureau | Mumbai | Updated: Mar 19 2014, 18:42pm hrs
BSE SensexBSE Sensex rose as much as 1.1 per cent to an all-time high of 22,040.72 points (AP)
The benchmark indices touched new lifetime highs on Tuesday ahead of the two-day meet of the members of the Federal Open Markets Committee (FOMC), who would decide on the future course of QE tapering.

The BSE benchmark, the Sensex was trading 142.71 points or 0.65% higher at 21,952.51 points, while the NSE's Nifty was trading 44.35 points or 0.68% higher at 6,548.55 points at 11.30 am IST. Earlier, the Sensex and Nifty touched their lifetime highs of 22,040.72 points and 6,574.95 points, respectively. The FOMC meet begins on Tuesday.

According to experts, the likelihood of a BJP-led alliance coming to power at the Centre and a stable rupee has kept Indian markets strong. “Even as global stocks have been under pressure, rupee’s behaviour due to the steps taken by the RBI coupled with expectations of a BJP-led government has kept markets resilient,” said Vinay Khattar, head (research), retail capital markets, Edelweiss.

Among sectoral indices, the BSE Oil & Gas (2.05%), BSE Bankex (1.36%) and BSE Metal (1.09%) were the major gainers. Among individual stocks, Maruti Suzuki (7.83%), State Bank of India (2.96%) and Tata Power (2.20%) were the major gainers on the 30-share Sensex.

Among Asian indices, the Nikkei (0.94%), Hang Seng (0.3%), Kospi (0.75%) and Taiwan Taiex (0.37%) were the major gainers.

(PTI) The BSE Sensex jumped nearly 138 points in early trade today as stocks across the board gained on sustained buying by funds amid a firm trend on other Asian bourses.

BSE Sensex rose 137.66 points, or 0.63 per cent, to 21,947.46 with all sectoral indices, led by auto, metal and banking gaining up to 1.48 per cent. The index had gained 35.19 points in the previous session on Friday.

The wide-based NSE Nifty moved up by 47.35 points, or 0.73 per cent, to 6,551.55.

Stock market remained closed yesterday for 'Holi'.

Brokers said sustained buying by funds and retail investors following a firming trend on other Asian bourses tracking overnight gains on the US market after data showing industrial output increased more than expected in February, mainly buoyed the trading sentiment here.

Shares of country's largest car-maker Maruti Suzuki soared 9.37 per cent to Rs 1,899.90 after the company decided to seek approval of minority shareholders for controversial Gujarat plant, which it's parent Suzuki Motor Corp had decided to takeover from it.

Other major gainers were Axis Bank (1.62 per cent), HDFC Bank (1.47 per cent), ICICI Bank (1.15 per cent), Bajaj Auto (1.03 per cent), Bharat Heavy Electricals (2.56 per cent), * GAIL (1.91 per cent), Infosys (0.31 per cent) and Reliance Industries (1.53 per cent).

In the Asian markets, Hong Kong's Hang Seng rose by 0.50 per cent, while Japan's Nikkei was up by 1.08 per cent in early trade today.

The US Dow Jones Industrial Average gained 1.13 per cent in yesterday's trade.

(Reuters) BSE Sensex hit a record high on Tuesday as continued strong buying by foreign investors boosted blue chips, while Maruti Suzuki India surged after agreeing to seek minority approval for a plan by promoter Suzuki Motor Corp to set up a plant in India.

India's broader NSE Nifty gained as much as 1.1 percent to a record high of 6,574.95 points, surpassing its previous record high of 6,562.85 points hit on March 11.

Meanwhile, the benchmark index rose as much as 1.1 percent to an all-time high of 22,040.72 points, surpassing its previous record of 22,023.98 hit on March 10.

Maruti Suzuki Ltd gained as much as 9.8 percent after the auto maker said on Saturday it would seek minority shareholder approval for a plan to outsource production at a new factory to its largest shareholder, Suzuki Motor Corp, after its leading investors opposed the move.