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Sensex soars to record high
Sensex Soars to Record High, Sensex History, FMCG, Healthcare Stocks, BSE Sensex. In the run up to Diwali, the BSE Sensex has hit a milepost, and for this the analysts give credit to global liquidity, especially as the US is baulking at the tapering of its $85 billion a month quantitative easing programme.
Diwali, the festival of lights, came early to the Indian stock markets with BSE Sensex hitting record high of 21,034 points on Wednesday on global cues and increased FII inflows. The 50-share Nifty index also managed to hit its fresh 35 month high at 6,269.70 and finally closed 30.80 points higher at 6,251.70 points.
Sensex makes history at 21,034
Nifty at 35-month high; FMCG, healthcare stocks rally
In the run up to Diwali, the BSE Sensex has hit a milepost, and for this the analysts give credit to global liquidity, especially as the US is baulking at the tapering of its $85 billion a month quantitative easing programme.
The index has surged nearly 105 points to close at all-timehigh of 21,033.97 on heavy foreign fund inflows in bluechips, amid speculation that the US Fed would maintain its monetary stimulus when they conclude a meeting on Wednesday - eclipsing the previous record close of 21,004.96 on November 5, 2010. The 50-share Nifty index also managed to hit its fresh 35 month high at 6,269.70 and finally closed 30.80 points higher at 6,251.70. Brokers said that the trading sentiment continued to be bullish on expectations of liquidity enhancement after RBI cut marginal standing facility (MSF) to 8.75 per cent in its monetary policy review on Tuesday. As the analysts cheer the festive mood and hoping on the long-term story for the stock markets, they look for a bit consolidation in the nearterm. They say, ‘we are trading near all-time highs, it is time for the investors to use the opportunity to invest in quality stock and sectors like IT, Media, Auto, Finance etc. Foreign funds have continued to buy domestic stocks for 18 straight sessions, encouraging domestic participants to increase bets, they said.
Bank shares failed to capitalize on Tuesday’s momentum, and mostly closed flat to lower. The Q2 results from Oriental Bank of Commerce and IDBI Bank dragged the stocks around 4 per cent lower. Bank of India was the other big loser in the sector, shedding around 4 per cent. After a huge uptick, it was a quiet day for the markets and despite narrow movements. Sectorally, the BSE Healthcare sector index gained the most by rising 1.19 per cent, followed by FMCG (1.12 per cent), TECK (0.66 per cent), Power (0.51 per cent) and realty (0.47 per cent).
The 25 of Nifty stocks closed in the green and broader market too was positive with advance decline ratio placed at 1.15:1. Bharti, Dr Reddy, BPCL, Ranbaxy, Hindalco remained major gainers among Nifty stocks while Axis Bank, Wipro, Bank of Baroda, Ambuja Cement, SBI remained losers.
Bank stocks appear to be attracting profit booking due to recent smart rise. ICICI Bank and ITC contributed about 20 points to Nifty’s gain. Among F&O stocks, Financial Technologies, Tata Communication, Shriram Transport, HAvells and Bharti remained major gainers while IDBI, Orient Bank, Century Textiles, Bank of India, Union Bank remained major losers. Financial Technologies, Renuka, GSPL, Chambal Fertilisers, Punj Lloyd would be moving out of F&O segment from November Series
