Sensex, Nifty hit new peaks on Eurozone stimulus hopes, US data

Indian stocks rose with benchmark sensex vaulting 117.34 points

Mumbai: Indian stocks rose for the fifth day with benchmark Sensex on August 27 vaulting 117.34 points to a new closing peak for the third session in a row on hopes of fresh stimulus in Eurozone and positive Asian cues after investors welcomed data indicating the US economy is back on track.

Across-the-board gains were also seen on continued foreign funds inflows amid investors churning portfolios ahead of monthly expiry in equity derivatives tomorrow, say brokers. The 30-share BSE Sensex touched intra-day high of 26,599.12 points on rise in ICICI Bank, ONGC, Tata Motors, Dr Reddy, Wipro, Infosys, Hindalco and HeroMotocorp shares.

It surrendered some of gains later but managed to settle at new record high of 26,560.15, logging a rise of 117.34 points, or 0.44 per cent. It surpassed previous record peaks of 26,442.81 hit yesterday and 26,437.02 on August 25.

In five days, Sensex has gained about 246 points. "Positive global cues and likelihood for further monetary stimulus from European Central Bank (ECB) boosted the market sentiment...stocks from oil & gas sector also gained on hopes of proper reforms for subsidies," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Similarly, the 50-share NSE Nifty gained 31.30 points, or 0.40 per cent, to settle at new closing peak of 7,936.05, surpassing earlier record closing high of 7,913.20 hit on August 22. Intra-day today, it touched high of 7,946.85. Yesterday, Nifty had fallen by 1.55 points. "Ongoing bull-run suggests that Nifty is fast approaching towards the magic 8,000-mark" said Deepak Pahwa, a Delhi-based stock broker.

ONGC was the biggest gainer among Sensex scrips rising 2.31 per cent on reports of government's stake sale plan in the company, followed by ICICI Bank by 2.05 per cent. Overall, 21 Sensex stocks gained while 9 constituents declined. Sectorwise, the BSE Oil & gas index rose the most (0.84 per cent), followed Auto 0.81 per cent, IT 0.75 per cent and Consumer Durables 0.64 poer cent. Midcap index ended 0.73 per cent up and Smallcap barometer jumped 0.79 per cent. Foreign Portfolio Investors (FPIs) had bought shares worth a net Rs 364.72 crore on August 26.

Most Asian indices rose tracking US stocks that jumped anew Tuesday after data showed consumer confidence rose in August for a fourth straight month, to its strongest level since February 2008. Also, durable goods orders surged in July to a new monthly record.

( Source : PTI )
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