BSE Sensex marks record closing high on Euro zone stimulus talk

Aug 27 2014, 16:29 IST
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BSE Sensex rises over 117 pts to close at new peak of 26,560.15; index ends at record for the third straight session. (AP) BSE Sensex rises over 117 pts to close at new peak of 26,560.15; index ends at record for the third straight session. (AP)
SummaryBSE Sensex gets boost on expectations of further monetary stimulus in Euro zone.

Indian stocks rose for the fifth day with benchmark Sensex today vaulting 117.34 points to a new closing peak for the third session in a row on hopes of fresh stimulus in Eurozone and positive Asian cues after investors welcomed data indicating the US economy is back on track.

Across-the-board gains were also seen on continued foreign funds inflows amid investors churning portfolios ahead of monthly expiry in equity derivatives tomorrow, say brokers.

The 30-share BSE Sensex touched intra-day high of 26,599.12 points on rise in ICICI Bank, Oil & Natural Gas Corp (ONGC), Tata Motors

, Dr Reddy, Wipro, Infosys, Hindalco and HeroMotocorp shares.

It surrendered some of gains later but managed to settle at new record high of 26,560.15, logging a rise of 117.34 points, or 0.44 per cent. It surpassed previous record peaks of 26,442.81 hit yesterday and 26,437.02 on August 25.

In five days, Sensex has gained about 246 points.

"Positive global cues and likelihood for further monetary stimulus from European Central Bank (ECB) boosted the market sentiment...stocks from oil & gas sector also gained on hopes of proper reforms for subsidies," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Similarly, the 50-share NSE Nifty gained 31.30 points, or 0.40 per cent, to settle at new closing peak of 7,936.05, surpassing earlier record closing high of 7,913.20 hit on August 22. Intra-day today, it touched high of 7,946.85.

Yesterday, Nifty had fallen by 1.55 points.

"Ongoing bull-run suggests that Nifty is fast approaching towards the magic 8,000-mark" said Deepak Pahwa, a Delhi-based stock broker.

ONGC was the biggest gainer among Sensex scrips rising 2.31 per cent on reports of government's stake sale plan in the company, followed by ICICI Bank by 2.05 per cent. Overall, 21 Sensex stocks gained while 9 constituents declined.

Sectorwise, the BSE Oil & gas index rose the most (0.84 per cent), followed Auto 0.81 per cent, IT 0.75 per cent and Consumer Durables 0.64 poer cent. Midcap index ended 0.73 per cent up and Smallcap barometer jumped 0.79 per cent.

Foreign Portfolio Investors (FPIs) had bought shares worth a net Rs 364.72 crore yesterday.

Most Asian indices rose tracking US stocks that jumped anew Tuesday after data showed consumer confidence rose in August for a fourth straight month, to its strongest level since February

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