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Sensex breaches 28,000-mark, bank stocks up

Wed, Nov 05, 2014, 05:56 PM
Mumbai, Nov 5 : A benchmark index of Indian equities markets Monday touched a record high of 28,010 points in the intra-trade session Wednesday, surpassing the previous high of 27,969.82 points hit on Monday.

The index closed the day's trade up 55 points or 0.20 percent at 27,915.88 points after coming down from the psychological barrier of 28,000-mark.

Healthy buying was observed in bank, healthcare and capital goods stocks, while selling pressure was seen in the metal, oil and gas and power sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 27,907.19 points, closed the trade provisionally at 27,910.42 points, up 55.50 points or 0.20 percent from the previous day's close at 27,860.38 points.

The Sensex touched a high of 28,010.39 points and a low of 27,857.65 points in the intra-trade. The stock market rally since the BJP victory in the general elections has increased the the 30-stock sensitive index, Sensex by around to 30 percent year-on-year.

The Foreign Portfolio Investors (FPIs) have became net buyers in the Indian equities market, following the positive global trend and a slew of domestic reforms.

For the Wednesday's trade the FPIs massively bought stocks worth Rs.1,458.78 crore or $237.55 million, according to data with the National Securities Depository Limited (NSDL).

According to market analysts further reforms by the government will lead the bursar into a bullish spell over the medium term.

The Indian markets were closed Tuesday on account of Muharram and will be shut again on Nov 6 (Thursday) on Guru Nanak Jayanti (birth anniversary).

The S&P BSE bank index gained 276.92 points, healthcare index moved up by 145.57 points and capital goods index got augmented by 90.71 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed up 14.15 points or 0.17 percent at 8,338.30 points.

The major Sensex gainers were Axis Bank, up 2.93 percent at Rs.457.70; State Bank of India (SBI), up 2.24 percent at Rs.2,782.25; DrReddy, up 2.24 percent at Rs.3,252, Sun Pharma, up 2.10 percent at Rs.869.65 and ICICI Bank, up 1.84 percent at Rs.1,672.30.

Major Sensex losers were Hindalco Inds, down 4.10 percent at Rs.156.80, Sesa Sterlite, down 3.79 percent at Rs.251.40, Coal India, down 3.15 percent at Rs.348.95, Bharti Airtel, down 2.70 percent at Rs.385.30 and Tata Steel, down 2.29 percent at Rs.477.95.

Among the Asian markets, China's Shanghai Composite Index was lower by 0.42 percent, Hong Kong's Hang Seng lost by 0.63 percent.
Agency: IANS

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