Sensex crosses 26K, rallies to all-time high ahead of budget

By PTI
07 July, 2014

The S&P BSE benchmark sensex crossed 26K level first time in the history of stock exchange and extended its gains for the second cconsecutive day by surging 138 points on expectations of growth-oriented budget by the Narendra Modi government.

Persistent capital inflows into equity market also was the another factor behind rise in the share values.

There are expecations that finance minister will announce measures in the Budget aimed at bolstering economic growth.

The sensex opened higher and moved in a tight range between positive terrain to touch an all-time intra-day high of 26,123.55 before settling above 26K-mark for the first time at 26,100.08, exhibiting a rise of 138.02 points or 0.53 pct.

The wide-based 50-issue CNX Nifty of the NSE also rose further by 35.55 points or 0.46 pct to end at new peak of 7,787.15. It logged an intra-day high of 7,792.00.

IT, teck, power, pharma and auto counters attracted good buying support while shares from banking and refinery segments suffered losses.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 943.19 crores last Friday, as per provisional data from the stock exchanges.

Asian stocks ended mixed as key benchmark indices in China, Singapore and Taiwan moved up by 0.03 pct to 0.59 pct while indices in Hong Kong, Japan and South Korea eased by 0.03 pct 0.02 pct to 0.37 per cent.

Eurpean markets were trding lower on profit-booking as indices in France, Germany and UK moved down by 0.12 pct 0.34 per cent.

Market participants are now looking for the outcome of the Railway Budget to be announced tomorrow and Union Budget on July 10 for the next direction.

Overall, 21 scrips out of the 30-share sensex pack ended higher while remaining nine ended lower.

Major gainers were Tata Power (3.59 pct), Infosys (3.23 pct), TCS (3.06 pct), Tata Motors (2.20 pct), Dr Reddy’s Lab (1.95 pct), Wipro (1.86 pct), Bharti Airtel (1.80 pct), NTPC (1.73 pct), SunPharma (1.59 pct) and Hero Motocorp (1.22 pct).

However, HDFC Bank fell by 1.90 pct followed by ONGC 1.60 pct, Gail India 1.08 pct and Icici Bank 0.79 pct.

Among the S&P BSE sectoral indices IT rose by 2.63 pct followed by Teck 2.16 pct, Power 1.12 pct and HC 0.80 pct.

However, Bankex fell by 1.12 pct and Oil&Gas 0.91 pct.

Market breadth continued to remain positive as 1,715 stocks finished with gains while 1,359 stocks ended lower.

Total turnover rose to Rs 4,205.06 crs from Rs 3,862.53 crs on last Friday.


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Sensex crosses 26K, rallies to all-time high ahead of budget

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