Sensex, Nifty hit new highs on robust fund inflows, bud hopes

Friday, Jan 23, 2015,22:30 IST By metro vaartha A A A

Mumbai | Tracking global rally triggered by ECB stimulus measures, the benchmark BSE Sensex today set a new high of 29,408 points and NSE Nifty breached the 8,800-level for the first time as robust capital inflows continued amid sustained optimism over upcoming Budget. The 30-share index, however, pared some gains on profit-booking before settling the day at all-time closing high of 29,278.84, up 272.82, or 0.94 per cent, from its previous close, completing gains for the seventh straight day.
The 50-share Nifty rose by 74.20 points or 0.85 per cent to end at all-time closing high of 8,835.60 after hitting of 8,866.40 intra-day. Powered by buying across the board the indices also recorded their best weekly gains in eight months.  The BSE barometer has gained by 1,932.02 points or 7.06 per cent in the seven days on robust fund inflows.  Tata Power shot up 6.86 pc, the best among Sensex scrips. Taa Motors rose 3.81 pc and  Bharti Airtel 3.72 pc. Cipla at 3.15 pc, Larsen at 2.58 pc were other major gainers.
However, Gail India fell by 1.80 pc and BHEL 1.67 pc and ONGC 1.09 pc. The European Central Bank (ECB) yesterday announced stimulus measures to support the ailing economy. The ECB said it would buy assets worth 60 billion euros every month up to the month of September 2016.
The size of the stimulus was greater than market expectations … markets sensed greater liquidity which is more likely to find its way through emerging markets like India, said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. Brokers said positive investor sentiment in view of pre-budget optimism also helped the equities attract fund inflows.
Foreign portfolio investors (FPIs) continued their buying spree yesterday as they bought shares worth a net Rs 592.79 crore, as per provisional data.
The remaining part of the quarterly results as well as budget expectations will drive markets and specific stocks over the next one month. Strong action of the fiscal reforms front will lead to further rate cuts from the RBI and help in overall improvement of growth rates and profitability, said Dipen Shah, Head, Private Client Group Research, Kotak Securities.

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