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Sensex, Nifty hit new highs on reforms, Fed rate stance

The benchmark Sensex surged about 248 points to end at record closing peak of 27,346.33

Updated:October 30, 2014, 10:23 AM IST
Sensex, Nifty hit new highs on reforms, Fed rate stance
The benchmark Sensex surged about 248 points to end at record closing peak of 27,346.33

Mumbai: The benchmark Sensex on Thurdsday surged about 248 points to end at record closing peak of 27,346.33 on across-the-board buying by investors after government eased rules for FDI in construction sector and US Federal Reserve reiterated its plan to keep interest rates at record lows.

While BSE Sensex on Thursday surpassed both its intra-day high and closing high logged on September 8, NSE Nifty barometer hit a new intra-day peak of 8,181.55 but ended at 8,169.20 just a few notches below its record closing peak of 8,173.90.

Promient gainers which lifted key indices to record highs include RIL, Infosys, L&T, Maruti Suzuki, HDFC Bank, Hindalco, HDFC, GAIL, Dr Reddys, ITC, NTPC, TCS.

"Markets have been on an upward trajectory on the back of renewed vigor shown by government to initiate reforms, lower crude prices and supportive global cues among others. Though Quantitative Easing ended, but Fed keeping the 'considerable period of time' stance for raising rates until it sees more improvement in the economy, cheered markets," said Devang Mehta, Sr VP & Head - Equity Advisory, Anand Rathi Financial.

After opening in positive terrain, the 30-share Sensex continued its upward march and soared to hit intra-day record high of 27,390.60, surpassing its earlier peak of 27,354.99 hit on September 8. The Sensex closed with gain of 248.16 points, or 0.92 per cent, at new closing peak of 27,346.33, bettering earlier record close of 27,319.85 (September 8).

The 50-share NSE Nifty jumped by 78.75 points, or 0.97 per cent, to end at 8,169.20, after touching a new intra-day high of 8,181.55 that crossed previous record high of 8180.20. Brokers said sentiments turned extremely bullish after the government had yesterday relaxed rules for FDI in the construction sector by reducing minimum built-up area as well as capital requirement and easing the exit norms. DLF, Unitech and HDIL shares rose in the range of 1.5-6 per cent.

"The equity markets were seen rejoicing. After a flat start, sentiments got some support from positive FII figure of the last session. However, gains remained capped as investors opted to book profits in last half an hour of the session as October derivative contracts were set to expire."

Sectorwise the BSE Realty index gained the most by rising 3.44 per cent, followed by IT index 2.04 per cent. Teck Index rose by 1.77 per cent, Oil and Gas index by 1.65 per cent, Consumer Durable index by 1.59 per cent, Capital Goods by 0.94 per cent and Bankex by 0.72 per cent.

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