STOCK MARKET BSE NSE

Sensex soars past 19K mark on reform hopes, banks in limelight

Published: 04th October 2012 09:58 AM  |   Last Updated: 04th October 2012 05:49 PM   |  A+A-

BSE-PTI-L
By PTI

The BSE benchmark sensex continued its upward march for the fourth consecutive day, rallying by over 188 points to close above 19K level for the first time after nearly 15-month on the back of fresh buying on hopes of further economic reforms from the government.

Asian stocks ended narrowly mixed while European markets recovered their early losses and were traded just in positive terrain ahead of Bank of England's and the European Central Bank's interest rate decisions later in the day.

Index heavyweights like Icici Bank, ITC, HDFC Bank, HDFC, SBI, BHEL, Larsen and Reliance Industries shot up sharply on heavy buying enquiries, mainly supporting the sensex rise.

In another round of big-ticket reforms, the Union Cabinet will consider today raising the FDI cap in insurance sector to 49 pct and opening the pension sector to foreign investors besides creation of a National Investment Board.

Persistent capital inflows also aided the market sentiment. Foreign institutional investors (FIIs) bought shares worth a net Rs 602.39 crore yesterday, as per provisional figures on the stock exchanges.

The BSE benchmark sensex resumed higher 18,939.75 and shot up further to a day's high at 19,107.04 before ending the day at nearly 15-month high at 19,058.15, showing a net gain of 188.46 points or one per cent. The sensex had last ended at 19,078.30 on July 7, 2011.

The NSE 50-share Nifty also rose by 56.35 points or 0.98 per cent to end at more than 17-month high at 5,787.60. It had last settled at 5,833.90 on April 27, 2011.

Asian stocks ended higher after better than expected US economic data released yesterday. Key benchmark indices in Singapore, Hong Kong and Japan rose by between 0.09 pct to 0.89 pct while indices in South Korea and Taiwan shed by between 0.03 pct to 0.17 pct.

The BSE benchmark sensex continued its upward march for the fourth consecutive day, rallying by over 188 points to close above 19K level for the first time after nearly 15-month on the back of fresh buying on hopes of further economic reforms from the government.

Asian stocks ended narrowly mixed while European markets recovered their early losses and were traded just in positive terrain ahead of Bank of England's and the European Central Bank's interest rate decisions later in the day.

Index heavyweights like Icici Bank, ITC, HDFC Bank, HDFC, SBI, BHEL, Larsen and Reliance Industries shot up sharply on heavy buying enquiries, mainly supporting the sensex rise.

In another round of big-ticket reforms, the Union Cabinet will consider today raising the FDI cap in insurance sector to 49 pct and opening the pension sector to foreign investors besides creation of a National Investment Board.

Persistent capital inflows also aided the market sentiment. Foreign institutional investors (FIIs) bought shares worth a net Rs 602.39 crore yesterday, as per provisional figures on the stock exchanges.

The BSE benchmark sensex resumed higher 18,939.75 and shot up further to a day's high at 19,107.04 before ending the day at nearly 15-month high at 19,058.15, showing a net gain of 188.46 points or one per cent. The sensex had last ended at 19,078.30 on July 7, 2011.

The NSE 50-share Nifty also rose by 56.35 points or 0.98 per cent to end at more than 17-month high at 5,787.60. It had last settled at 5,833.90 on April 27, 2011.

Asian stocks ended higher after better than expected US economic data released yesterday. Key benchmark indices in Singapore, Hong Kong and Japan rose by between 0.09 pct to 0.89 pct while indices in South Korea and Taiwan shed by between 0.03 pct to 0.17 pct. .



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