Markets extend dream run; Sensex, Nifty soar to all-time highs

Mar 29 2014, 14:45 IST
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Shares of PSU, power, banking, capital goods, metal, realty firmed up sharply on good buying support. PTI Shares of PSU, power, banking, capital goods, metal, realty firmed up sharply on good buying support. PTI
SummaryShares of PSU, power, banking, capital goods, metal, realty firmed up sharply on good buying support.

Stock: The benchmark indices of BSE and NSE continued their dream run ahead of polls, scaling new all-time highs on strong capital inflows from foreign funds, expectations of RBI keeping key rates unchanged in the next week's policy meet and a stable Government assuming charge at the Centre after the general elections.

Shares of PSU, power, banking, capital goods, metal, realty and refinery firms firmed up sharply on good buying support.

* Oil & Natural Gas Corpn and Reliance Industries shares rose despite the Election Commission directing the Centre to put on hold the proposed hike in natural gas prices from April 1.

Mid and small-cap indices shot up by 3.21 per cent and 2.45 per cent respectively on strong demand from retail investors.

However, shares of IT and Pharma sectors declined on profit-booking.

The BSE Sensex opened higher at 21,827.50 and rose further to an all-time intra-day high of 22,363.97 before ending at a new closing peak of 22,339.97, a gain of 584.65 points, or 2.69 per cent, over the last week.

The NSE Nifty rose by 201 points, or 3.09 per cent, to register a historic closing high of 6,695.90. It recorded a life-time intra-day high of 6,702.60.

Hectic activity on expiry of derivative contracts on March 27 also helped domestic markets to remain upbeat.

Consistent pumping of money by FIIs boosted the market sentiment as they invested net Rs 7,562.57 crore during this week, including the provisional figure of March 28, as per the SEBI data.

IT stocks declined on profit-booking following rise in the rupee value against the dollar which will adversely affects operating profit margins of IT firms in dollar terms as the sector derives a lion's share of revenue from exports.

The Reserve Bank of India's first Bi-monthly monetary policy statement 2014-15 on Tuesday, April 1, will dictate near term trend on the bourses, a broker said.

Outcome of the upcoming Lok Sabha elections also the another factor which will decide the future of the market.

Twenty-three scrips out the 30-share sensex pack ended higher while seven others closed lower. SBI spurted by 11.74 per cent, Tata Power 8.95 per cent, Hero MotoCorp 8.83 per cent, * Coal India

8.54 per cent, Bharti Airtel 8.12 per cent, Gail India 7.80 per cent,

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