Bulls Have The Upper Hand, Markets Witness Another Record High Closing
Suparna / 03 Jun 2014
Key benchmark indices ended on a record high closing today on the backdrop of the RBI’s bi-monthly policy review. Metal sector was the out performer of the day and went up by 633 points. At the closing bell Nifty index was higher by 53 points at 7415 and Sensex was up by 173 points at 24858.
The Indian markets extended the upward rally in today’s session, after the RBI governor Raghuram Rajan played a smart move of not changing the repo rates. As a result indices smiled their way up and hence, the Nifty saw a record high closing up by 53 points at 7415 and Sensex was up by 173 points at 24858.
The advance-decline ratio on NSE was positive, as the day ended with 2142 shares in green and 1391 shares in the red zone.
Top Nifty Gainers: Tata Steel gained 6.88% in today’s trade, followed by Sesa Sterlite, Coal India, Grasim and DLF.
Top Nifty Losers: Dr Reddy’s labs closed the day lower by 3.17%, followed by HCL Tech, GAIL, IndusInd Bank and Kotak Mahindra.
Most of the sectoral indices closed on a positive note. Metals stocks witnessed a massive rally in today’s trading session and went up by 633 points. It was followed by Oil & Gas, Capital Goods and Consumer Durables that also saw an upward move around 190 points each. Mid-Caps and Small-Caps also saw some good recovery and closed up by around 100 points. However, FMCG, Heath Care and Bankex closed on the lower side.
All the major Asian markets had a positive session on the bourses today and ended the day in the positive territory. The Nikkei market closed up by 98 points, while Hang Seng witnessed positive move by 209 points, KOSPI and Taiwan closed on the positive side as well.
Buzzer: Sesa Sterlite was up by more than 6.4% on the bourses today and closed up at the technical level of Rs 297. If the stock opens above this level, it may touch Rs 302/310 mark in the next few sessions.
Nifty future closed at a record high around 7425, if it opens above this level, index future may touch 7500 level.
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