Nifty hits record; Sensex at 2-year peak on BJP sweep

Source: The Hitavada      Date: 15 Mar 2017 08:42:10


MUMBAI,

Mar 14,

(PTI),

THE stunning election success of the BJP in Uttar Pradesh gave the market a rush of adrenaline as the Nifty on Tuesday pulled off an all-time closing high of 9,087 and the Sensex raced to a 2-year high. The 50-share NSE index ripped through the 9,100-mark to hit 9,122.75, an all-time intra-day high too.


Despite a spike in February WPI inflation to 6.55 per cent, investors set aside all their caution and pumped in more money on hopes that the Assembly poll win will make the Government push through bold reforms. At one point, the 30-share blue-chip index rallied 615.70 points to hit a high of 29,561.93. In the end, it settled up 496.40 points, or 1.71 per cent, at 29,442.63 — a level last seen on March 5, 2015.


The gauge had gained 44 points in the previous two sessions. Markets were shut yesterday for Holi. The Nifty settled higher by 152.45 points, or 1.71 per cent, at a life-time high of 9,087, surpassing its previous record of 8,996.25 on March 3, 2015.


ICICI Bank was the best performer with 5.99 per cent gain. Support also came in from Hindustan Unilever (4.54 per cent), L&T (4.40 per cent), HDFC Ltd (3.69 per cent), Asian Paints (3.51 per cent), Maruti Suzuki (3.02 per cent) and Adani Ports (2.92 per cent).
Sun Pharma rose 3.61 per cent after the US health regulator proposed to lift the import alert on the company’s Mohali (Punjab) manufacturing plant.


Foreign funds net purchased shares Rs 412.14 crore last Friday, as per the provisional figures. Expectations of more liquidity inbourses had a positive impact, traders said.
The BSE capital goods index had a field day, rising 3.06 per cent, followed by realty 2.57 per cent, consumer durables 2.40 per cent, bank 1.93 per cent and FMCG 1.60 per cent. With the buying activity gathering momentum, second-line stocks continued their upward sprint. The BSE mid-cap and small-cap indices rose 1.43 per cent and 1.19 per cent, respectively.


A good 26 Sensex stocks ended in the green while 5 others turned red. The market breadth turned positive as 1,704 shares ended higher, 1,125 lower while 216 ruled steady. The total turnover on the BSE read Rs 4,677.92 crore, down from Rs 7,509.23 crore previously.


Rupee hits 1-1/2-year high, surges 78 paise: THE rupee surged by a massive 78 paise to end at a nearly one-and-a-half-year high of 65.82 against the US dollar on frantic unwinding of the American currency following BJP’s emphatic victory in Uttar Pradesh. Forex market sentiment soared on hopes that BJP’s stellar show in State polls would pave the way for the Modi Government to focus on key reform measures. The home currency resumed on a strong footing at 66.20 from last Friday’s closing value of 66.60 at the interbank foreign exchange (forex) market on heavy dollar unwinding from speculative traders and exporters tracking weekend developments.


The rupee hit a fresh intra-day high of 65.76 in late afternoon deals before ending at 65.82, showing a solid gain of 78 paise, or 1.17 per cent.