BSE sensex joins election rally, hits a new high

Mar 08 2014, 10:47 IST
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BSE sensex nears 22,000 as opinion polls give NDA 211-231 seats. Reuters BSE sensex nears 22,000 as opinion polls give NDA 211-231 seats. Reuters
SummaryBSE sensex nears 22,000 as opinion polls give NDA 211-231 seats.

out of 12 sectoral indices on the BSE ended positive. Banks and interest rate sensitives continued to lead the rally.

The investment cycle is showing signs of bottoming out as government orders have started to tick up, said Inderjeetsingh Bhatia, analyst, Macquarie Capital Securities India.

“FY15 brings hope of recovery in the investment cycle. The investment cycle is showing signs of bottoming out as government orders have started to tick up... Capital-goods quarterly data indicates the worst is over,” said Bhatia.

The BSE Realty index surged 5.4% on Friday, taking the weekly tally to nearly 13%. The BSE Capital Goods index rose 4%, while shares of banking and financial institutions advanced 5.5%.

Bharat Heavy Electricals surged 6.3% on the BSE. Private sector lenders ICICI Bank and Axis Bank surged nearly 6% each.

Bharti Airtel gained nearly 5.5%. Rating agency Standard & Poor's upgraded Airtel to ‘BBB-’ on account of reduced debt and an improved regulatory environment.

Technology and healthcare stocks witnessed profit booking as the rupee surpassed the 61 per dollar mark for the first time in three months. The rupee closed at 61.08 against the dollar, after touching an intra-day high of 60.945, Bloomberg data showed.

IT major Infosys lost 2.5%, while Wipro declined more than 3%. TCS with a 0.7% decline dropped the least. However, Dr Reddy's Laboratories was the biggest loser on Friday. The scrip fell 3.6%.

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