The News International Team
3:30 pm Market closing: It is a record closing high with both the benchmark indices gaining over 1 percent. 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.
ICICI Bank, ONGC, Tata Motors contribute nearly 50 percent to the Nifty gain. BSE PSU, Oil & Gas indices gained most in trade today.
Cipla and ONGC were up 5 percent each while Axis Bank, Tata Motors and BHEL were other gainers in the Sensex . Among the losers were ITC, HDFC, Infosys, TCS and Hero.
3:00 pm Market opinion: Hans Goetti, Head of Investment Asia, Banque Internationale à Luxembourg SA has a market weight on Asia. For him, the top picks in Asia are the Indian and Chinese market.
He believes the geopolitical tensions will continue to spook markets.
However, he is overweight on equities in the developed markets. He expects the US Federal Reserve will keep rates unchanged in 2014. He sees rate hikes only in 2015.
“We don’t expect any surprises from the Fed. Tapering is off schedule and the consensus is that at some point in 2015 the Fed may raise interest rates. Although it has to be said that Fed is actually targeting the labour market which is the most lagging of all indicators which could be fine that they are willing to keep interest rates lower longer than necessary,” he said in an interview to CNBC-TV18.
Don’t miss: BPCL, HPCL, IOC rally 6-7% on decline in crude prices
It is a marvellous Monday on Dalal Street as the benchmark indices hit record highs. The Sensex is up 249.69 points or 1 percent at 26352.92, and the Nifty up gains 73.10 points or 1 percent at 7864.80.
About 1859 shares have advanced, 993 shares declined, and 99 shares are unchanged.
Midcaps see huge outperformance today as stocks like Alok Industries, HPCL, Voltas and Sintex make hefty gains.
A big macro positive for the market is the substantial fall in global crude prices. Brent fell to below USD 103 /bbl as Libya increased its oil output and worries over supply from key producer Iraq eased.
Global cues are supportive as Europe is trading with gains of more than 1 percent with Germany higher by almost 1.5 percent. Investors are now awaiting Fed Chairperson Janet Yellen and ECB Chief Mario Draghi’s address at the Jackson Hole symposium on Thursday.