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Sensex crosses 27K-mark while Nifty 8,100-mark for first time

By PTI
02 September, 2014

The bull charge continued unabated on D-Street as the benchmark S&P Sensex today crossed 27K-mark for the first time and logged its record closing for the sixth session in a row to settle at 27,019.39 while CNX Nifty of the NSE also penetrated its previous closing peak, ending at a new pinnacle of 8,083.05.

The Sensex notched 151.84 points at close and registered its new intra-day high of 27,082.85 while the CNX Nifty also gained 55.35 points and touched a life-time intra-trade high of 8,101.95.

A host of positive developments on the domestic as well as global front helped the market to go on winning spree.

After announcement of better-than-expected GDP data last Friday, the RBI yesterday stated that India’s Current Account Deficit (CAD) narrowed sharply to 1.7 pct of GDP in the April-June quarter of this fiscal from 4.8 pct of GDP in Q1 June 2013 due mainly to reduction of trade deficit and a steep decline in gold imports. Rise in exports and a decline in imports also contributed to CAD fall.

Foreign Portfolio Investors (FPIs) remained the main driving force behind the current rally as after NDA government took charge, the business confidence rose on hopes of more global liquidity and pro-growth reforms by market-friendly newly-elected Modi government. FPIs bought shares worth Rs 554.14 crore yesterday, as per provisional data.

Consumer durable, pharma, oil, realty, teck, banking and FMCG stocks attracted good buying support while metal stocks were at the receiving end.

Asian stocks closed mixed. Key indices from China, Japan and Singapore gained while from Hong Kong, South Korea and Taiwan lost ground.

European stocks ended higher amid speculation that slower growth in euro zone will prompt European Central Bank (ECB) to accelerate stimulus. Key indices like France, Germany and UK moved up by 0.29 per cent 0.93 per cent.

Mr.Jignesh Chaudhary, Head of Research, Veracity Broking Services said,”Today also local equities hit record high with the help of some blue chip companies like HDFC Bank and Cipla.

Positive sentiments in the market have lifted the indices, mainly driven by the Modi factor. BJP govt has succeeded to win the investors? confidence and has successfully completed its 100 days. In this period India managed to narrow the CAD and improve its GDP, one of the major problem of India, with the help of series of better than expected data.”

Turning to the domestic market, 17 scrips out of the 30- share sensex pack ended higher while 13 others finished lower.

Pharmaceutical major Cipla was the top gainer from the sensex pack with a rise of 5.23 pct as the company launched its generic drug used for treatment of asthma and chronic obstructive pulmonary disease in Germany and Sweden.

Other major gainers were Cipla (5.23 pct), Bharti Airtel (4.24 pct), Sun Pharma (2.50 pct), HDFC bank (2.01 pct), Heto MotoCorp (1.54 pct), ITC (1.28 pct), Gail (1.21 pct), ONGC (1.15 pct), RIL (0.96 pct) and Axis Bank (0.84 pct).

However, SSLT dropped by 1.87 pct, Tata Power 1.05 pct, Hindalco 0.99 pct, Wipro 0.91 pct and Tata Steel 0.89 pct.

Among the S&P BSE sectoral indices, CD rose by 2.76 pct followed by HC 1.84 pct, Oil&Gas 1.04 pct, Teck 0.76, Realty 0.75 pct and Bankex 0.69 pct.

The total market breadth remained positive as 1,738 stocks closed higher, 1,250 finished lower while 125 ruled steady.


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Sensex crosses 27K-mark while Nifty 8,100-mark for first time

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