Nifty on a new high; financial, oil marketing firms on fire

Written by PTI | Mumbai | Updated: Aug 19 2014, 03:37am hrs
NiftyBenchmark Nifty surging by a robust 83 points to end at a new lifetime peak on the National Stocks Exchange (NSE). (Reuters)
A strong wave of buying swept the stock market today with the benchmark Nifty surging by a robust 83 points to end at a new lifetime peak on the National Stocks Exchange (NSE).

Main contribution to the rally came from the rate- sensitive counters on hopes of a rate cut followed by energy, auto, infra, metal and healthcare stocks. Mid and small-cap scrips also attracted huge buying interest.

Barring technology and FMCG, all sectoral indices ended deep in the green.

The bellwether index zoomed 82.55 points, or 1.06 per cent, to end at 7,874.25, surpassing its previous all-time high of 7,840.95 hit on July 25. The 50-share index scaled a new lifetime high of 7,880.50 in intra-day trading.

Robust June quarter earnings along with moderation in headline inflation and early signs of economic revival boosted investor confidence and fuelled the rally, traders said.

Market overcame early volatility and modest profit- taking in select frontline heavyweights to reclaim its strong momentum and post handsome gains.

Substantial fall in global crude prices, which dropped below USD103/bbl on easing supply fears after Libya increased its oil output, and strong surge in European stocks also supported the local rally, they said.

Elsewhere in Asia, equities ended marginally up amid caution as renewed geopolitical worries after fresh conflict in Ukraine at the weekend and weak Chinese macro data dampened sentiment.

Shares of oil marketing companies were in limelight on decline in crude prices. BPCL, HPCL and IOC rallied 4-6 per cent. Other smart movers included ICICI Bank, ONGC, Tata Motors, Axis Bank, L&T, SBIN, Reliance, Bharti Airtel, Cipla, HDFC Bank, BPCL, IDFC and HUL.

ITC, Infosys, HDFC, TCS, HCL Tech and Bajaj Auto were the only index losers.

Turnover in the cash segment fell to Rs 14,876.05 crore from Rs 14,959.33 crore last Thursday. A total of 7,930.06 lakh shares changed hands in 68,62,435 trades, while market capitalisation stood at Rs 89,63,893 crore.