Markets Roar On Modi Wave, Indices Rally To Record High Levels
Suparna / 09 May 2014
Indian markets today witnessed a buying frenzy as indices rallied to hit record high numbers. The upsurge can be attributed on the backdrop of Modi-led government at the centre. At the closing bell the Nifty index closed on all time high level of 6858, up by 198 points and the Sensex also broke previous records to surge up by a colossal 650 points to trade at 22994. Both the indices ended higher in the range of 2.91% - 2.99%.
The Indian markets witnessed superb opening in today’s session. The positive scenario continued till ending session. Unexpected buying was seen during the closing buzz. As a result the Nifty closed on today’s higher level up by 198 points at 6858 and Sensex was up by 650 points at 22994. Both the indices ended higher in the range of 2.91%-2.99%.
On the NSE, the advance-decline ratio was on the positive side, with 1813 shares closing in the green and 1459 shares in the red.
Top 5 Nifty Gainers: IDFC closed with the highest gains on the index, up by 8.06%. Ambuja Cements, ICICI Bank, Tata Power and ACC were among the others that ended the day higher.
Top 5 Nifty Losers: Lupin closed lower by 1.36% today, followed by Dr Reddy’s Labs, TCS and Sun Pharma.
11 out of 13 sectoral indices closed in the green. Bankex and Capitals Goods were up in the range of 796 points and 406 points respectively. It was followed by Oil & Gas and Metals, which closed higher by 336 and 316 points respectively. Mid-Caps and Small-Caps also surges up by 165 and 64 points respectively. Auto, IT and FMCG also showed positive momentum.
Asian markets closed on a mixed note today. Nikkei was up by 35 points higher by day’s end, followed by Hang Seng gains, up 25 points. Straits Times and Shanghai Composite closed on a negative note.
Buzzer: Banks stocks saw bulk buying on the bourses after mid-session. Yes Bank (up 6.56%), HDFC Bank (up 3.1%), Canara Bank (up 3.14%),State Bank of India (SBI) (up 2.13%), IndusInd Bank (up 2.55%), Kotak Mahindra Bank (up 2.13%) and Federal Bank (up 2.01%) gained. Axis Bank and ICICI Bank hit a 52-week high in intraday trade.
Nifty Futures trend is indicating some medium term positive picture. However may see profit booking on higher level.
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