BSE Sensex, NSE Nifty soar to new records despite slowdown in services activity

Sep 03 2014, 11:53 IST
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The benchmark Sensex at the Bombay Stock Exchange on Tuesday crossed the 27,000 mark. The benchmark Sensex at the Bombay Stock Exchange on Tuesday crossed the 27,000 mark.
SummaryContinuing its surge for the eighth straight session, the Sensex closed at 27,019 on Tuesday.

Even though services activity slowed down in August, markets continued to rally with the benchmark indices touching fresh highs on Wednesday.

The BSE benchmark, the Sensex touched lifetime high of 27198.80 points, while the broader Nifty touched lifetime high of 8,133.10 points in Wednesday's trade.

The HSBC Services Purchasing Manager Index (PMI) grew at its slowest pace in 3 months at 50.6, data released on Wednesday showed.

Experts remain bullish, saying the uptrend remains intact. "The Nifty continues to maintain its uptrend as long as it holds 7850. The Nifty is likely to touch 8150 in the near term.

Resistance is at 8100. Support is at 7950 and below that 7890," Standard Chartered Securities said in a note.

Among sectoral indices, the BSE IT (2.22%), BSE Consumer Durables (1.19%) and BSE Metals (1.07%) were trading in the green. Among individual stocks, Bharti Airtel (4.03%), TCS (2.77%) and Wipro (2.4%) were among the major gainers.

Most Asian indices were trading higher. The Nikkei (0.26%), Taiwan Taiex (1.37%), Shanghai Composite (0.56%), Jakarta Composite (0.64%) and Hang Seng (0.17%) were trading in the green.

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