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India's Nifty tops 7,900-mark for the first time, Sensex advances.

Mumbai: Indian stocks markets continued their dream run with Nifty on Friday ending above 7,900-mark for the first time and the Sensex rising to 26,419.55, just shy of its record close, on robust buying in IT and banking stocks. The sentiment was positive on account of Reserve Bank of India (RBI's) comments on growth, continued buying by institutions and retail investors combined with bullishness in global markets ahead of Fed chief Janet Yellen's speech at Jackson Hole, brokers said. HDFC Bank, Infosys, SBI, TCS, Axis Bank, Hindalco, Wipro and Cipla notched handsome gains and supported the Sensex rise while gains were trimmed by fall in HDFC, ITC, Bharti Airtel, Coal India, HUL and Hero MotoCorp shares. IT stocks were in the limelight on positive US economic data, the biggest outsourcing market for the Indian IT firms. The broader 50-issue CNX Nifty of the National Stock Exchange (NSE) resumed better and immediately crossed 7,900-mark to an intra-day all-time peak of 7,929.05 before settling up by 22.10 points, or 0.28 per cent, at 7,913.20 -- also a new closing high. The 30-share Bombay Stock Exchange (BSE) Sensex resumed higher and rallied to a high of 26,508.27 before surrendering some ground to finish with a net gain of 59.44 points, or 0.23 per cent, at 26,419.55. This is a shade lower than its all-time closing peak of 26,420.67 logged on August 19, 2014. Mid-caps out-perform "Mid-caps out-performed larger peers, indicating greater interest from non-institutional players. Reduced geo-political tensions and optimism on future growth buoyed sentiments," said Dipen Shah, Head-PCG Research, Kotak Securities. Small-cap shares attracted some profit-booking by retail investors after recent rally while some of the mid-cap counters were in demand. The rally helped both Sensex and Nifty rise by over 1.5 per cent this week, their second successive weekly gain. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "FII buying in the local equities has helped the indices surge higher. Gain in some of the blue chips also boosted markets." Globally, Asian stocks, except the index in Japan, closed higher on positive reports from US housing data showing the world's largest economy is strengthening. Key indices from China, Hong Kong, Singapore, South Korea and Taiwan finished between 0.04 per cent and 1.37 per cent higher. However, European markets were trading lower in their morning deals as investors awaited the speech by US Federal Reserve Chair for further clues about interest rate outlook. The CAC was down 0.67 per cent, the DAX 0.45 per cent and the FTSE 0.13 per cent. "European markets were weak in the session ahead which kept Indian markets under pressure at higher levels. Nifty gave up its gain again in late hours of the session after breaching 7,920 level," said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities. Gold slides Gold continued its downtrend in the domestic bullion market here on Tuesday due to reduced offtake from jewellery stockists and retailers induced by a sharp fall in overseas trade. Silver, on the other hand, regained some lost ground after its recent sharp plunge owing to renewed industrial buying. Standard gold (99.5 purity) fell by Rs120 to end at Rs27,695 per 10 grams from overnight level of Rs27,815. Pure gold (99.9 purity) also dropped by Rs125 to finish at Rs27,840 per 10 grams from Rs27,965. On the global front, the shiny-metal tumbled back to two-month low following heavy unwinding by gold-ETFs weighed by stronger dollar after a flurry of upbeat US macro data alongside a surprisingly positive jobless claims data reiterated concerns that the Federal Reserve could raise interest rates earlier than expected.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:9INDI
Date:Aug 22, 2014
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