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Record closing high: Sensex soars 293 pts, Nifty above 8150

Sep 08, 2014, 04.35 PM IST | Source: Moneycontrol.com

Analysts feel the bulls are here to stay for long. Gautam Shah of JM Financials dishes out aggressive targets for the Nifty. He expects the 50-share index to hit 10700 by December 2015 while Jim Walker of Asianomics says the bull run in India will go on till 2018.

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Record closing high: Sensex soars 293 pts, Nifty above 8150

Analysts feel the bulls are here to stay for long. Gautam Shah of JM Financials dishes out aggressive targets for the Nifty. He expects the 50-share index to hit 10700 by December 2015 while Jim Walker of Asianomics says the bull run in India will go on till 2018.

16:27

The News International Team

After a short pit-stop, the bulls have resumed their record-breaking sprint on Dalal Street. The Nifty managed to close above 8150-level, up 87.05 points or 1.08 percent at 8173.90 while the Sensex was up 293.15 points or 1.08 percent at 27319.85. About 2075 shares have advanced, 956 shares declined, and 93 shares are unchanged.

Analysts feel the bulls are here to stay for long. Gautam Shah of JM Financials dishes out aggressive targets for the Nifty. He expects the 50-share index to hit 10700 by December 2015 while Jim Walker of Asianomics says the bull run in India will go on till 2018.

In an interview to CNBC-TV18, Walker says this is not the time to think about end of the bull run instead it is great time to buy into the market.

Hindalco, Wipro, HDFC Bank and SBI are top gainers in the Sensex. Shares of ONGC jumped over 3 percent while OIL also hit all-time high of Rs 667.45 per share. Bank of America Merril Lynch is bullish on the stocks with a higher target price expecting more gains from oil reforms.

Asian Paints was the biggest Nifty gainer, touching record high on hopes of 20 percent growth in domestic paint industry by FY16. The Associated Chambers of Commerce and Industry of India (Assocham) estimates the Indian paint industry to surge from the current level of about Rs 40,600 crore to about Rs 62,000 crore by 2016 witnessing a breathtaking double-digit compound annual growth rate (CAGR) of about 20 percent.

Midcaps continued to fare better than the blue chips with the index rallying over 150 points. Among the midcaps, Torrent Power, Punj Lloyd, MRF, Apollo Tyres and Max India were major gainers.

Tyre stocks rallied 2-20 percent as domestic rubber prices have seen sharpest fall in five years, hitting Rs 126 per kg. Rubber prices are down 25 percent since average of Rs 169/kg seen in January.

14:00

Sensex ends 293 pts higher; NTPC, M&M, Tata Power fall

Hindalco, ONGC, SBI, Wipro and HUL were top gainers in the Sensex. Among the top losers are NTPC, M&M, Tata Power and BHEL.

Read More »

13:00

Nifty struggles to hit 8150; tyre stocks rally, midcaps upRead More »

ONGC, Bajaj Auto, Hindalco, HUL and HDFC Bank are top gainers in the Sensex while Maruti, M&M, Tata Motors and HDFC.

Read More »

12:00

Sensex, Nifty strong; Tata Motors, Maruti under pressureRead More »

Shares of Tata Power, Tata Motors, Mahindra and Mahindra and Maruti Suzuki declined 0.3-0.8 percent.

Read More »

11:11

Sensex, Nifty continue to rally; M&M, Tata Power dragRead More »

ONGC, Hindalco, HUL, Bajaj Auto and Sun Pharma are top gainers in the Sensex. Among the losers are Maruti, Tata Power, M&M and Tata Motors.

Read More »

10:00

Sensex up 200 pts, Nifty inches towards 8150; ONGC leadsRead More »

ONGC topped the buying list, rising over 2 percent after Bank of America Merrill Lynch upgraded the stock to buy from neutral as it now expects more gains from oil reforms than earlier.

Read More »

09:15

Sensex, Nifty at record high again; ONGC up 2%, Maruti weakRead More »

The Sensex is up 203.78 points or 0.75 percent at 27230.48, and the Nifty is up 54.00 points or 0.07 percent at 8140.85. About 1318 shares have advanced, 446 shares declined, and 58 shares are unchanged.

Read More »

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