Markets end at new lifetime highs; poll suggests BJP alliance to secure 232 seats

Written by fe Bureau | Mumbai | Updated: Mar 7 2014, 22:50pm hrs
BSE SensexBSE Sensex closes nearly 2 pct up; NSE Nifty surges over 125 points to record close of 6,526.65. (Reuters)
Benchmark indices posted highest single-day gain in more than a year on Friday to close at new lifetime highs after a poll on Thursday released by Centre for Study of Development Studies said that the BJP-led alliance may secure 232 seats in the upcoming general elections.

The BSE benchmark, the Sensex ended 405.92 points or 1.89% higher at 21,919.79 points, while the NSE's Nifty ended 125.50 points or 1.96% higher at 6,526.65 points higher.

Experts feel markets are likely to benefit further from the narrowing current-account deficit. "Optimism of shrinking current-account deficit is likely to boost the rupee and prompt foreign investors investments further," Standard Chartered said in its morning note. The rupee was trading at 61.087 against dollar at 4.50pm IST.

Among sectoral indices, the BSE Bankex (5.35%), BSE Capital Goods (4.05%) and BSE Realty (5.40%) were the major gainers. Among individual stocks, BHEL (6.31%), ICICI Bank (5.97%), Axis Bank (5.92%) and RIL (5.72%) were the major gainers on the 30-share Sensex. The rupee was trading at 61.087 against dollar at 4.50pm IST.

Meanwhile, Asian indices showed a mixed trend. The Hang Seng (-0.19%), Jakarta Composite (-0.04%), Kospi (-0.05%) and Taiwan Taiex (-0.10%) ended in the red. While, the Nikkei (0.92%) and Straits Times (0.23%) ended in the green.

European indices were under pressure. CAC (-0.40%), DAX (-0.93%) and FTSE (-0.40%) were trading in the red.

BSE Sensex soars 406 points, closes at new all-time high, just shy of 22,000 pts

(PTI) Indian markets were on fire today with the BSE Sensex surging to a new closing high of 21,919.79 and the NSE Nifty soaring to yet another record close of 6,526.65 as foreign investors continued to support the pre-election rally.

Markets Top Gainers, Markets Top Losers

Realty, Banking, Capital Goods, and Oil& Gas indices notched up smart gains in 3.7-5.4 per cent range, helping investor wealth balloon by nearly Rs 85,000 crore.

Despite the strength in the index, IT and pharma stocks were under pressure as the rupee strengthened to 60-level against the US dollar intra-day.

Bharat Heavy Electricals Ltd (BHEL), ICICI Bank, Axis Bank and Reliance Industries were among the 22 gainers in 30-share BSE Sensex, which today hit lifetime high of 21,960.89 -- less than 40 points shy of the 22,000 mark. It gained 405.92 points over Thursday's close.

In four days, the Sensex has gained over 973 points. Yesterday, it had closed at 21,513.87, surpassing previous closing high of 21,373.66 set on January 23, 2014.

The NSE Nifty today hit a lifetime high of 6,537.80, crossing its previous record of 6,415.25 hit on December 9, 2013. It ended at a new record close of 6,526.65, up 125.50 points over 6,401.15 hit yesterday.

Finance Minister P Chidambaram today said the fiscal and current account deficits are under control and the economy is more stable than it was 18 months ago.

"Euphoria continues on Dalal Street. It was broadly on the hope the pre-election rally fuelled by foreign funds, along with an increased participation from retail investors will drive markets higher in near-term," said Jayant Manglik, President-retail distribution, Religare Securities.

Surging Indian equities received another push on firming Asian trend and higher opening in Europe as investors awaited the US jobs data later today. Foreign Institutional Investors were net buyers of Indian shares in fifteen straight sessions.

Sectorally, the interest-sensitive BSE Realty sector index gained the most by rising 5.40 per cent, followed by Banking index (up 5.35 per cent), Capital Goods index (4.05 per cent) and Oil & Gas index (3.65 per cent).

Key indices hit new highs for 2nd day, BSE Sensex just shy of 22,000

(Reuters) BSE Sensex ended nearly 2 percent higher on Friday after hitting record highs earlier, driven by sharp gains in domestic-focused sectors such as banks and capital goods.

Markets Top Gainers, Markets Top Losers

State Bank of India (SBI) rose 4.4 percent, while ICICI Bank surged 6.2 percent. Larsen and Toubro Ltd , India's biggest engineering and construction firm, gained 5.4 percent.

Gains came as foreign portfolio investors extended their buying streak to a fifteenth straight session, totalling over $1 billion.

The NSE Nifty index provisionally ended up 1.96 percent, after earlier hitting a record high at 6,537.80 points.

The BSE index rose 1.87 percent, after earlier hitting an all-time high at 21,960.89 points.

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