BSE Sensex soars 330 pts, NSE Nifty crosses 8,300 mark on global rally; BHEL, HDFC Bank share prices rise

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Mumbai | Updated: Dec 22, 2014 4:59 PM

BSE Sensex rose more than 1 percent on Monday to mark a third consecutive day of gains...

BSE Sensex jumps 329.95 pts to close at 27,701.79; NSE Nifty regains 8,300-mark, ends 98.80 pts higher at 8,324.00. (PTI)BSE Sensex jumps 329.95 pts to close at 27,701.79; NSE Nifty regains 8,300-mark, ends 98.80 pts higher at 8,324.00. (PTI)

The benchmark BSE Sensex rose for the third day ending about 330 points higher on buying in banking, FMCG and auto stocks amid firming trends in global markets.

The wider Nifty of NSE reclaimed the 8,300-mark amid positive domestic factors after the introduction of GST Bill in the Lok Sabha on Friday. The 50-share index soared by 98.80 points, or 1.20 per cent to close at 8,324.

The 30-share Sensex spurted by 329.95 points, or 1.21 per cent, to 27,701.79. It touched the day’s high of 27,725.27.

Of the 30-Sensex scrips, 26 stocks ended with gains.

Mahindra and Mahindra rose the most by 4.09 per cent among Sensex stocks, followed by Coal India which gained 3.61 per cent.

State-run BHEL spurted by 2.67 per cent to Rs 265.75 after company bagged a 16.96 million euro contract for a thermal power project in Turkey.

HDFC Bank, HDFC Ltd, GAIL, ONGC, NTPC, Tata Motors, Bharti Airtel, Axis Bank and Hero MotoCorp also contributed to the Sensex rally.

Brokers said buying emerged on hopes of acceleration in economic reforms after the much-awaited GST Bill, which provides for an overhaul of the taxation system, was introduced in the Lok Sabha on Friday.

Asian and European markets extended gains on a rally in crude prices which supported the rally at domestic markets, brokers said.

Sectorally, the BSE PSU sector index gained the most by rising 1.72 per cent, followed by Power index (up 1.48 pc), FMCG index (up 1.47 pc) and Banking index (1.47 pc).

Auto index rose by 1.40 pc, Consumer Durables index by 1.33 pc, metal index by 1.28 pc, Oil & Gas index by 1.18 pc and Realty index 1.06 pc.
In line with overall trends Midcap index gained 0.92 per cent and Smallcap index by 0.35 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 668.85 crore on last Friday as per provisional data.

Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services

Bouyed by a positive outlook from the recently concluded Fed meet, both Asian and European markets have entered a week, shortened by Christmas holiday, on a positive note. Amidst rising fear over a slowing world economy oil prices rose following reports that China could support Russia if needed. That said, as these are evolving issues, global vagaries would weigh all EMs. On the domestic front, the final report of Suresh Prabhu led advisory group on developing the power and coal sector have added to reform expectations. But the insurance bill hangs in the balance as we enter the last days of Parliament’s winter session.

Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services Ltd

Tracking the global cues and recovery of Ruble, the markets opened with a positive note and later traded sideways, but recovered in the second half ahead of December futures and options expiry.

Nifty today closed at 8324, up around 98 points. The market breadth changed to positive as there were seen 1557 stocks advancing against 1349 stocks declining. The Nifty volatility index, India VIX stood at 14.2100 down around 2.06%.

All the sectors ended in green and the major gainers for the day were Power and Banking sector, which closed up around 1.48% and 1.47% respectively.  Stocks like GDL, Global offshore, HDFC Bank, Hitech Gear and GSPL are some of the stocks which made a new high today whereas Era Infra and Asian Electronic are some which hit new 52 week low.

In the stocks’ front, the gainers were Jindal Steel and M&M which ended up around 6.79% and 4.23% whereas the selling were seen Hindalco and Zeel which ended down around 1.17% and 0.92% respectively.

The FIIs were net sellers in the capital market segment, sold shares worth Rs 668.85 crore on Friday, 19 December 2014. On the other hand the DIIs were net buyers on 19 December 2014, bought shares worth Rs 622.77 crore as per the provisional data from the stock exchanges.
The European markets and the US index futures were trading higher.

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