Sensex gains 59 points; Nifty hits record high

Mumbai, Aug 22:

A benchmark index of Indian equities markets Friday closed 59.44 points or 0.23 percent up as banking and IT sectors gained.

bseGood buying was observed in banking and IT sectors, while selling pressure was seen in consumer durables and realty sectors.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,419.53 points, closed at 26,419.55 points, up 59.44 points or 0.23 percent from the previous day’s close at 26,360.11 points.

The Sensex touched a high of 26,508.27 points and a low of 26,383.16 points in the intra-day trade.

The S&P BSE bankex gained 184.69 points and IT index rose by 159.70 points, while consumer durables index dropped by 15.79 points and realty index slipped 15.05 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) hit a record high of 7,929.05 in the day and closed trade 22.10 points or 0.28 percent up at a record 7,913.20 points.

“Markets remained buoyant during the week with the Nifty closing above the 7,900-mark for the first time ever. The mid-caps outperformed their larger peers, indicating greater interest from the non-institutional players. Buying by FIIs in the cash market segment remained subdued. Reduced geo-political tensions and optimism on future economic growth buoyed sentiments,” Dipen Shah, head-Private Client Group Research, Kotak Securities said.

“Going ahead, expectations on interest rate movements in US and fiscal reforms in India will continue to drive the markets in the medium-to-long term. In the short term, geo-political issues and monsoon will be the triggers to track,” he added.

The major Sensex gainers were: Hindalco Industries, up 2.36 percent at Rs.182.05; State Bank of India, up 2.26 percent at Rs.2,523.60; HDFC Bank, up 1.80 percent at Rs.846.60; and Infosys, up 1.65 percent at Rs.3,601.25.

The losers were: Coal India, down 2.04 percent at Rs.357.30; HDFC, down 1.91 percent at Rs.1044.65; Bharti Airtel, down 1.59 percent at Rs.365.20; and Hero MotoCorp, down 1.04 percent at Rs.2531.

In Asian markets, Nikkei closed 0.30 percent down, but Hong Kong’s Hang Sang closed 0.47 percent up and China’s Shanghai Composite index got augmented by 0.46 percent.

In Europe, London’s FTSE 100 was down by 0.12 percent, Germany’s DAX Index was 0.57 percent down and France’s CAC 40 down by 0.82 percent.


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