Nifty breaches 7,000-pt mark for first time, Sensex too sets record ahead of exit polls

Written by Agencies | Mumbai | Updated: May 12 2014, 20:44pm hrs
BSE SensexBSE Sensex surged 2.91% or 650.19 points to settle at 22,994.23 on Friday.
The broader NSE Nifty today crossed the 7,000 level for the first time on a strong rally in oil and gas, PSUs, banking and capital goods sector stocks driven by sustained foreign capital inflows ahead of the exit poll results.

The 50-issue NSE Nifty crossed the 7,000 level after rising 141.45 points, or 2.06 per cent, to trade at an all-time high of 7,000.25, surpassing its previous intra-day high of 6,871.35 reached on May 9.

Brokers said sentiment was upbeat on sustained capital inflows and widespread buying by retail investors before the exit poll results after trading hours today.

Further, a higher opening on the European markets and trends on the other Asian bourses influenced the trading sentiments here, they said.

The benchmark BSE Sensex too climbed 534.77 points,or 2.32 per cent, to trade at new record high of 23,529.00.

Major gainers which lifted Nifty to fresh record high included Ultra Cement, Coal India, HDFC Bank, ITC Ltd, GAIL, Grasim Industries, Hero Motorcorp, Reliance Industries, ONGC, SBI, Axis Bank, Maruti Suzuki, Tata Motors, Larsen and Toubro and BHEL.

Among other Asian markets, Hong Kong's Hang Seng index was up 1.91 per cent while Japan's Nikkei fell by 0.35 per cent.

Markets: Early trade

The benchmark BSE Sensex climbed to a new record high of 23,332.90 in opening trade today as fund investors indulged in creating positions ahead of the exit poll results amid a firming trend in the Asian markets.

The 30-share index, which had posted biggest single-day gain of 650.19 points on Friday since September 2013, rallied by another 338.67 points, or 1.47 per cent, to trade at fresh record high of 23,332.90 points.

All the sectoral indices were trading in the positive territory with gains of up to 2.70 per cent.

The wide-based Nifty of the National Stock Exchange breached the psychological 6,900 mark for the first time to scale a new peak of 6,952.40 by gaining 93.60 points, or 1.36 per cent.

Brokers said the trading sentiment remained extremely bullish on continued widespread buying by funds and retail investors ahead of the exist poll results after market hours today.

"Expectations of a stable government to be formed after the Lok Sabha elections, triggered all-round buying activity," said Manoj Choraria, a Delhi-based stock broker.

They said the rally was led by stocks of banking, oil and gas, capital goods, realty, power and metal sectors.

Among Asian markets, Hong Kong's Hang Seng index rose by 0.45 per cent, while Japan's Nikkei moved up by 0.21 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.20 per cent higher on Friday.