Sensex, Nifty scale new peaks as oil prices tumble

November 28, 2014 09:53 am | Updated April 09, 2016 11:56 am IST - Mumbai

The BSE 30—share barometer Sensex spurted by 255.08 points, or 0.90 per cent, to close at new high of 28,693.99. File photo

The BSE 30—share barometer Sensex spurted by 255.08 points, or 0.90 per cent, to close at new high of 28,693.99. File photo

Markets gained for the third straight session on Friday with benchmark Sensex surging 255.08 points to 28,693.99 and Nifty rising 94.05 points to 8,588.25, led by banking and auto shares, as hopes of a rate cut by RBI brightened after oil prices tumbled to multi-year lows.

FII buying in bluechips and retail investors picking up midcap shares helped markets cement gains. All eyes are now on quarterly GDP data to be released later. Total investor wealth is within sniffing distance of Rs 100 lakh crore.

The BSE 30—share barometer Sensex spurted by 255.08 points, or 0.90 per cent, to close at new high of 28,693.99. It broke the previous >peak of 28,499.54 recorded on November 24 .

Intra-day, it touched a new high of 28,822.37, bettering previous lifetime high of 28,541.96 also hit on November 24.

The Sensex has now gained over 355 points in three days.

Gainers in the 30—share Sensex included Tata Steel, Tata Motors, M&M, Maruti Suzuki, Coal India, L&T, Hero MotoCorp, NTPC, Hindalco, HDFC, Wipro, ITC Ltd, Tata Power and RIL.

“Sentiments were buoyed by OPEC’s decision to sustain production levels and the subsequent sharp fall in crude prices. Markets are hoping for a rate cut in the RBI policy meeting next week,” said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

Similarly, the NSE Nifty barometer topped the 8,600 mark for the first time to hit lifetime high of 8,617. It finally settled 94.05 points, or 1.11 per cent, higher at a record close of 8,588.25. Thus, it surpassed its earlier closing peak of 8,530.15 touched on November 24.

Banking was the front-runner ahead of RBI monetary policy review next week. SBI led gains by rising over 5 per cent. Other banking stocks including ICICI Bank, Axis Bank and HDFC Bank also rose.

Globally, Brent crude prices fell to trade at over four-year low of $71.21 per barrel in Asian trade. This boosted shares of OMCs, paint makers and airline companies.

Sectorally, BSE Banking index gained the most by rising 2.87 per cent, followed by Auto 1.95 per cent, Realty 1.65 per cent and Consumer Durables 1.16 per cent among others.

Mixed closing at other Asian markets and a lower opening in European markets also influenced trading sentiments here. Foreign investors bought shares worth net Rs 389.73 crore on Thursday, as per provisional data.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.