BSE Sensex soars 165 pts to all-time record after China, ECB stimulus boosts risk appetite

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Mumbai | Updated: November 24, 2014 5:58 PM

BSE Sensex closed at a new high of 28,499.54 and the NSE Nifty ended above the record 8,500-mark for the first time...

Sensex rises 164.91 pts to new closing peak of 28,499.54; Nifty up 52.80 points to record-high of 8,530.15. (AP)Sensex rises 164.91 pts to new closing peak of 28,499.54. (AP)

Continuing their record-setting spree, the benchmark BSE Sensex closed at a new high of 28,499.54 and the NSE Nifty ended above the record 8,500-mark for the first time on sustained funds inflows in anticipation of more reforms during the winter session of Parliament.

Intra-day, the Sensex rallied to an all-time high of 28,541.96, surpassing its peak of 28,360.66, and the Nifty touched 8,534.65, breaking the earlier record of 8,489.80, reached on November 21.

The 30-share index resumed higher at 28,413.01 and firmed up further to an all-time high of 28,541.96, before closing at 28,499.54, rising 164.91 points, from its last weekend’s record closing of 28,334.63. The gauge had gained 301.78 points in the past two sessions.

Of the Sensex, 17 scrips led by Infosys, ICICI Bank, M&M, BHEL, HDFC Bank, Hero MotoCorp, SBI, Tata Power, TCS and Wipro closed higher, while 13 ended in the negative zone.

“Thanks to the ongoing monetary soothsaying from the global central banks, risk appetite remains strong in global financial markets. Indian equity indices, Nifty and Sensex touched a fresh life time high at 28,499.54 for Sensex and 8530 on Nifty. High beta sector like metals, banks and real estate companies lead the upsurge in the equity market. However, Indian Rupee has not been able to gain much from the exuberance in financial markets, as the pair weakened towards 62.00 on spot, on the back of US Dollar demand from PSUs and rub-on effect of a strong US Dollar overseas. Over this week, we expect Rupee to remain ranged between 61.60/70 and 62.20/30 levels on spot but can find buying on declines against the Euro, Pound and Yen,” said Anindya Banerjee, currency analyst, Kotak Securities.

The NSE 50-share Nifty crossed 8,500 level for the first time to touch 8,534.65 and finally ended at 8,530.15, recording a smart gain of 52.80 points, or 0.62 per cent. It surpassed previous closing high of 8,477.35 on Friday.

Besides, positive global cues after China announced a rate cut and speculation of European Central Bank stepping up stimulus measures also boosted trading sentiments, equity brokers said.

Metal stocks such as Hindalco and Tata Steel were among the major gainers, buoyed by a rate cut in China which is one of the biggest consumers of base metals.

“Continued foreign funds inflow following positive sentiments in the global equities helped the key indices to hit new life-time highs,” said Delhi-based broker Manoj Choraria, adding that optimism over rate cut by the RBI also helped the cause.

The provisional data released by the stock exchanges showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 122.50 crore last Friday.

Most Asian and European markets traded higher as China unexpectedly announced a rate cut to boost demand and European Central Bank promised more stimulus measures.

Sectorwise, BSE IT index gained the most by surging 1.86 per cent, followed by Metal index 1.64 per cent, Realty index 1.62 per cent, Bankex 1.18 per cent, Consumer Durables 0.84 per cent and Capital Goods index 0.83 per cent.

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