With shadow handles, Congress joins tweet bout

With shadow handles, Congress joins tweet bout

With Modi govt on its 100-day celebration drive, Cong has chalked out a counter blitz.
BJP playing dangerous politics: Omar

BJP playing dangerous politics: Omar

Omar Abdullah accuses BJP of dividing Jammu and Kashmir on religious lines

BSE Sensex gains 325 pts to record closing high of 25,841.21 pts after Arun Jaitley talks tough on Budget

Jul 02 2014, 17:23 IST
Comments 0
FM Arun Jaitley after the ‘halwa Ceremony’ marking the beginning of printing of Budgetary documents, in New Delhi. PTI FM Arun Jaitley after the ‘halwa Ceremony’ marking the beginning of printing of Budgetary documents, in New Delhi. PTI
SummaryFM Arun Jaitley warns against 'mindless populism', BSE Sensex hits all-time high...

BSE Sensex surged more than 1 percent to hit record highs on Wednesday after Finance Minister Arun Jaitley's warning against "mindless populism" raised hopes the government would unveil a fiscally prudent Budget next week.

Arun Jaitley on Tuesday also said a high fiscal deficit and inflation are major challenges for India, further soothing market sentiment ahead of the budget to be unveiled on July 10.

Among the top gainers were sectors expected to receive support in the budget such as power and infrastructure, including Larsen and Toubro and Bharat Heavy Electricals Ltd.

Overseas investors who pumped in about $10 billion so far in Indian shares this year, bought shares worth $142.8 million for the third straight day on Tuesday, exchange and regulatory data showed.

"It's a pre-Budget rally and the government is giving enough signals on how it is going to deal with the economy. Market is taking cues from there and expectations are very high. Though we are positive, we advise clients to be cautious and selective as selling pressure can emerge on any negative news," said Suresh Parmar, head, institutional equities, at KJMC Capital Markets.

The benchmark BSE index closed up 1.27 percent at 25,841.21 points. Earlier in the day, it surged 1.37 percent to hit a record high of 25,864.53 points, surpassing its previous life high of 25,735.87 hit on June 11.

The broader NSE index gained 1.18 percent to close at 7,725.15 points, having hit a fresh record high of 7,732.40 points earlier in the session, breaching its previous peak of 7,700.05, also hit on June 11.

Shares in the power and infrastructure sectors, widely expected to be among the biggest focus areas for the new government, rallied. NTPC Ltd closed 3.33 percent higher, Tata Power Co. Ltd ended up 0.9 percent and Larsen and Toubro Ltd gained 1.6 percent.

The sub-index of state-run companies also gained 1.22 percent on hopes of reforms and divestment. Container Corp of India gained 3.3 percent while Rural Electrification Corp ended 3.8 percent higher.

Among blue-chips, Reliance Industries Ltd gained 1.02 percent and Sun Pharmaceutical Industries Ltd ended 2.1 percent higher.

Shrikant Chouhan, Head- Technical Research, Kotak Securities: Nifty has touched life time high mainly on the back of talk from the finance ministry about ‘tough measures to fight with inflation’. In addition to that, rating agency Fitch has also upgraded outlook for India that has added extra fuel

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...