BSE Sensex rebounds 76 pts; NSE Nifty rises to record closing high

Written by Agencies | Mumbai | Updated: May 22 2014, 23:05pm hrs
Nse niftyNSE Nifty gained 0.32 percent, while BSE Sensex ended 0.31 percent higher. (Reuters)
The benchmark BSE Sensex on Thursday rebounded over 76 points to end at near record highs on renewed buying in consumer durables, realty, power and PSU sector stocks amid a firming trend in the global markets.

Meanwhile, the NSE index Nifty closed 23.50 points higher at a fresh record close of 7,276.40, surpassing the previous record of 7,275.50 made on May 20.

The BSE 30-share Sensex resumed higher and advanced further to hit the day's high of 24,524.76 on increased capital inflows and on hopes that new government will take steps to accelerate economic growth.

However, some profit booking in IT shares trimmed gains to some extent. The BSE barometer finally settled at 24,374.40, up 76.38 points, or 0.31 per cent. The gauge had lost 78.86 points to in the previous session, falling from its record closing high of 24,376.88.

"Small caps and Mid caps once again hogged the limelight. Realty sector was major gainer today. Most of the banking stocks were also seeing buying interest," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Jewellery stocks were back in demand after the Reserve Bank yesterday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. Shares of Titan, Gitanjali Gems and Rajesh Exports rose.

Similarly, PC Jeweller, Tribhovandas Bhimji Zaveri and Shree Ganesh Jewellery House climbed.

Positive global cues helped boost domestic sentiments as Asian stocks edged higher after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued US stimulus.

Among sectoral indices, BSE Consumer Durables gained the most by rising 6.78 per cent, followed by Realty index (5.54 per cent), Power index (2.20 per cent), PSU index (1.80 per cent) and Metal index (1.80 per cent).

Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities: Despite strong global cues the markets ended on a slightly flattish note. Sentiment continues to remain positive, which resulted in the market breadth remaining in favour of advances. Among prominent gainers were Coal India and Maruti, up 5 percent each.

NSE Nifty rises to record closing high; Coal India shares surge

(Reuters) NSE Nifty index closed at a record high on Thursday, recovering from falls in the prior session as investors resumed buying stocks of companies expected to benefit from an economic recovery, and as Coal India Ltd surged on hopes it would be privatised.

The broader NSE Nifty index provisionally gained 0.32 percent, while the benchmark BSE Sensex index ended 0.31 percent higher, resuming their gaining streak after a breather on Wednesday.

Coal India surged 5.4 percent after it was reported the new government was exploring breaking-up the company and opening up the sector.

Domestic-oriented stocks rose on hopes of a revival in the economy. ICICI Bank provisionally ended higher 0.5 percent, while NTPC Ltd rose 7.3 percent.