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Markets soar to all-time high
markets gained 1 per cent to close at new closing highs led by rate sensitive stocks with rate cut hopes and falling crude prices. The investor wealth raising to Rs 100 lakh crore. Bank stocks rallied as the government announces its plan to raise Rs 89,000 crore by way of reducing its stake in the PSU banks.
Nifty hits record high above 8,600-mark
Mumbai: markets gained 1 per cent to close at new closing highs led by rate sensitive stocks with rate cut hopes and falling crude prices. The investor wealth raising to Rs 100 lakh crore. Bank stocks rallied as the government announces its plan to raise Rs 89,000 crore by way of reducing its stake in the PSU banks.
Investor sentiment was buoyed as the oil countries decided to sustain their production levels and sharp fall in curde prices, as the risk appetite has come back to the markets, say the analysts. Even the overseas investors are raising their buying spree with $424 million in the last five straight sessions taking the grand total to $15.81 billion.
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Sensex zoomed by 255 points to close at new high of 28,693, while Nifty settled 94 points up to a record close of 8,588. The index has crossed 8,600 mark for the first time to hit lifetime high of 8,617. Bank stocks are the front runners with SBI closed 5 per cent higher, BoB up 7.1 per cent, PNB gained 7.4 per cent. The Bank Nifty closed up 2.7 per cent. Also rate sensitive stocks such as auto companies gained with M&M closed 2.4 per cent higher while Tata Motors ended up 2.5 per cent.
Oil marketing companies have rallied after international crude prices hit multi-year low, with IOC up 4.6 per cent HPCL gain 8.9 per cent. Among the losers, Hindustan Unilever ended 0.5 per cent lower on profit-taking. The stock had gained 2.6 percent in the previous session.
The major Sensex gainers: State Bank of India, up 5.10 per cent at Rs 321.45; Axis Bank, up 2.79 per cent at Rs 481.05; Tata Steel, up 2.78 per cent at Rs 473.30; Tata Motors, up 2.78 per cent at Rs 532.95; and Mahindra and Mahindra, up 2.53 per cent at Rs 1,323.75. The major Sensex losers: Sesa Sterlite, down 2.88 per cent at Rs 231.30; Bharti Airtel, down 1.01 per cent at Rs 381.95; ONGC, down 0.71 per cent at Rs 379.50; Dr Reddy's Lab, down 0.44 per cent at Rs 3,592.15; and GAIL, down 0.35 per cent at Rs 487.95.
Outlook
Midsession better
Nifty opened with a huge gap following positive macro cues due to sharp fall in crude prices and closed with a gain of more than 1%. Bank stocks gained the most ahead of RBI policy next week. Further, short term trend continues to remain positive and stop loss may be raised to 8450 (on close basis). Nifty spot is expected to encounter resistance at 8625, 8660 and find support at 8545, 8510 for Monday. Global cues and funds flow are expected to guide the market basing on the present trade. It is expected that the market may experience volatile / zigzag movements with better midsession and possible profit booking towards close.– Dr B Amaranatha Sastry
Top gainers
PNB 7.68% 1,074.95
BOB 7.48% 1,091.20
Asain paint 5.72% 746.05
SBIN 5.38% 322.30
IndusinBK 4.08% 750.00
Top Losers
Cairn -4.53 260.20
SSLT -3.04 231.10
ONGC -1.12 3,78.00
BharatiArtl -1.08 381.25
BHEL -0.74 282.10
