Sensex Breaches 29,000-Mark in Six-Day Rally

Sensex crossed 29,000 level for the first time. Health care, capital goods and auto shares particularly traded well.

Published: 22nd January 2015 06:13 PM  |   Last Updated: 22nd January 2015 06:13 PM   |  A+A-

Sensex1_PTI
By PTI

MUMBAI: Buoyed by sustained capital inflows, the benchmark BSE Sensex today breached 29,000-level for the first time, extending their record-setting spree for the third straight day, even as world markets are eagerly awaiting a big stimulus package by ECB to lift struggling European economy.          

Fast building optimism over Narendra Modi-led government's first full budget on February 28 also bolstered the investor sentiment    

The BSE barometer surpassed the key 29,000-level in early trade with healthcare, capital goods and auto shares in particular attracting investor interest.           

The key index though pared some gains concluded the day at its lifetime high of 29,006.02, a gain of 117.16 points or 0.41 per cent from its previous close, taking its gaining streak for the sixth day in succession.           

The Sensex has gained by 1,659.20 or 6.07 per cent in the six days. The NSE Nifty also continued its winning run and posted a gain of 31.90 points to hit a fresh record high of 8,774.15.   

Aided by strong foreign fund inflows, the key indices have been setting fresh high level for the past three days.           

Sun Pharma soared 3.65 per cent to emerged as the biggest Sensex gainer, followed by Axis Bank at 3.30 pct. Tata Motors (2.70 pc), ONGC (2.01 pc), Cipla (1.73 pc), Tata Steel (1.51 pc), Infosys (1.41 pc), Coal India (1.24 pc), Wipro (1.17 pc) and Dr Reddy's Lab (1.01 pc) were the other big gainers..    

However, NTPC fell by 2.44 pct and by Reliance Industries 2.27 pc, Hero Motocorp 1.33 pc and Maruti 1.02 pc.

Markets are seen consolidating after rallying for 2-3 consecutive sessions on profit-booking at these levels, and partially due to lack of global cues, said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio.          

"Investors across the globe are eyeing the outcome of the European Central Bank (ECB) meet (later in the day) and are expecting announcement of monetary stimulus, which will further improve the liquidity scenario. We shall be seeing its reaction in local markets on Friday," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp