Stocks ended 2014 on a cheerful note with the Sensex on Wednesday rising nearly 96 points to 27,499.42 and the Nifty climbing over 34 points to 8,282.70, helping the Indian markets notch up their best annual gain in five years.
The new government’s reform initiatives, robust foreign fund flows and a wave of optimism over growth prospects pushed up share values in 2014, making investors richer by a whopping Rs 28 lakh crore.
The benchmark S&P BSE Sensex on Wednesday rallied for the fourth sraight session to end at almost one-week highs. The market saw mostly across-the-board buying as 11 out of 12 sectoral indices closed with gains. Power, realty, consumer durables, pharma and oil & gas shares good activity.
However, the BSE Auto index closed in the red on selling in some stocks as excise duty incentives for the sector would not be extended beyond December 31.
The 30-share Sensex resumed on Wednesday a tad lower but recovered immediately. It remained in positive terrain throughout the session to settle at 27,499.42, a rise of 95.88 points or 0.35 per cent. In straight four sessions, it has spurted by 290.81 points or 1.07 per cent.
For the year as a whole, the Sensex registered 6,328.74 points or 29.89 per cent — its best gain since 2009.
“Our market remains the hot investment option. And this growth is expected to continue as cyclical, rate-sensitive and investment-oriented stocks find flavour with investors,” said Kamlesh Rao, CEO, Kotak Securities.
Meanwhile, the broader 50-issue CNX Nifty of the NSE advanced by 34.45 points, or 0.42 per cent, to 8,282.70.
The CNX Nifty has spurted by 1,978.70 points, or 31.39 per cent, during 2014 calender year.