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Historic high! Sensex surges 288 pts, Nifty ends at 7874

16:49

The News International Team

Both major indices hit historic highs on Monday riding high on positive global cues and a sharp decline in crude oil prices. Also, it is raining dollars on Dalal Street as foreign investment in debt and equity markets crossed USD 25 billion this year.

Maintaining the uptrend for fifth consecutive day, the Nifty ended up 82.55 points at 7874.25 while the Sensex was up 287.73 points at 26390.96. About 1929 shares advanced, 1012 shares declined and 99 shares were unchanged.

Nilesh Shah of Axis Capital says the market is in midst of a multi-year bull run and every dip should be used to buy. He is looking at PSU banks as an excellent trading bet now.

BSE PSU and Oil & Gas indices gained most in trade today. ICICI Bank, ONGC, Tata Motors contributed nearly 50 percent to the Nifty gain. Oil & gas stocks led from the front as crude oil prices continued to soften. Brent crude oil prices fell below USD 103 per barrel, erasing a similar rise on Friday blamed on the Ukraine tensions and as Libya, another trouble spot, increased supply.

Investors are now awaiting Fed Chairperson Janet Yellen and ECB Chief Mario Draghi’s address at the Jackson Hole symposium on Thursday.

The dollar edged higher versus a basket of currencies. It fell broadly on Friday after the government in Kiev said its artillery had partially destroyed a Russian armoured column, while Russia denied its forces had crossed into Ukraine. Indian money market was shut today.

Buzzing stocks

Cipla, ONGC, Axis Bank and BHEL were up 4-5 percent each. Tata Group stocks were seen celebrating the Parsi New Year with hefty gains. Tata Motors gained 4 percent on Jaguar Land Rover July sales data. Macquaire hasn outperform rating on the stock.

Shares of Tata Power jumped over 4 percent intraday as state electricity regulator Maharashtra Electricity Regulatory Commission (MERC) has granted 25 years distribution licence to Tata Power for supplying power in city and suburban areas.

TCS has pledged Rs 100 crore towards Narendra Modi’s Clean India campaign announced on the occasion of Independence Day.  TCS will support provision of hygienic sanitation facilities in 10,000 schools across the country for girl students.

Both Midcaps and Smallcaps were biggest outperformers of the day with the indices rising 2 percent each.  Rashtriya Chemicals, Amaraja, Jubiliant Life, Pratibha Industries and Alok Industries saw some heady runs today.

Shares of SpiceJet soared 14 percent intraday despite posting a dismal April-June quarter. The budget carrier reported a net loss of Rs 124.10 crore for the three months ended June, mainly bogged down by higher expenses. It had a net profit of Rs 50.56 crore in the year-ago period.

Fertiliser stocks have been buzzing since the PMO has announced that the fertiliser department should draw up plans to revive urea plants.

IT and FMCG stocks remained out of action in a day, when market was in high spirits. ITC lost 2 percent as reports indicated that the government might increase vigilance on tobacco products.

HDFC, TCS, Infosys and Hero were other major laggards in the Sensex.

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