Narendra Modi powers BSE Sensex, NSE Nifty to new peaks; Reliance Industries falls

May 20 2014, 19:17 IST
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BSE Sensex ends about 14 pts higher at fresh closing peak of 24,376.88; NSE Nifty inches up 12 pts to conclude at 7,275.50. (PTI) BSE Sensex ends about 14 pts higher at fresh closing peak of 24,376.88; NSE Nifty inches up 12 pts to conclude at 7,275.50. (PTI)
SummarySensex has gained 562 pts on boost over Narendra Modi-led govt.

The benchmark BSE Sensex today gave up early gains and inched up about 14 points to end at fresh closing high for the fourth day in a row, amid signs of profit booking in recent gainers like RIL, ONGC and Coal India.

In volatile trade, the 30-share index opened strong and rose to the day's high of 24,587.16 but thereafter slipped into negative zone as investors encashed gains.

It hit a low of 24,299.53 before making a recovery to settle at 24,376.88 -- up 13.83 points, or 0.06 per cent. It surpassed previous closing peak of 24,363.05 made yesterday. Sensex has now gained 562 points in four sessions on sustained optimism over incoming Narendra Modi-led government.

While there was renewed buying in recent under-performers like IT and drugmaker sectors, oil&gas shares saw heavy selling. RIL and ONGC slumped 3.7-4 per cent. Coal India after a strong show yesterday fell 5.9 per cent today.

Auto shares including Hero Moto, Tata Motors, Maruti Suzuki and Bajaj Auto saw profit-taking, traders said.

The 50-share NSE index Nifty rose by 11.95 points, or 0.16 per cent, to yet another record closing high of 7,275.50, after scaling intra-day peak of 7,350.65.

Foreign institutional investors (FIIs) continued their buying spree by investing a net Rs 1,350.04 crore yesterday, according to provisional data from the stock exchanges.

"Profit-booking in recent gainers and cautious approach adopted by participants at current record levels, slowed down the rising pace to some extent", said Deepak Pahwa, a Delhi-based stock broker.

A firming trend in the Asian region also strengthened the market sentiment, brokers said.

Interest-sensitive realty sector was the star performer by rising the most by 4.89 per cent, consumer durables index rose by 2.37 per cent and metal index by 1.61 per cent.

IT index recovered by 2.11 per cent on the back of rebound in IT bellwether Infosys which rallied 3.19 per cent , Tata Consultancy by 1.39 per cent and Wipro by 2.61 per cent.

In pharma, Dr Reddy Lab rose by 1.13 per cent and Cipla gained 1.13 per cent, pushing the BSE healthcare index by 1.48 per cent.

Indian shares pause after dream run, but still at record closing high

(Reuters) Indian shares edged up on Tuesday to their latest record closing high, managing a fourth consecutive session of gains as domestic-oriented stocks such as Sesa

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