Sensex, Nifty set new record after Prez Pranab Mukherjee unveils Narendra Modi agenda

Jun 09 2014, 18:27 IST
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The BSE Sensex index gained as much as 0.98 percent to hit a record high of 25,644.77. (Reuters) The BSE Sensex index gained as much as 0.98 percent to hit a record high of 25,644.77. (Reuters)
SummarySensex, Nifty boosted by Pranab Mukherjee address on economic reforms by Narendra Modi govt.

Continuing their record-breaking spree, equity benchmarks BSE Sensex and NSE Nifty today closed at new highs, boosting stock wealth by Rs 1 lakh crore, on across-the-board buying enthused by Narendra Modi-led goverment's investor-friendly economic agenda.

Overall, 10 out of 12 BSE sectoral indices closed up. Realty, capital goods, power, metal, consumer durable and auto segments led the pack. Investor wealth rose to Rs 90.26 lakh crore as 2,300 stocks rose of the over 3,100 traded.

The Sensex resumed strong on firm Asian cues and improved further to a new intra-day historic high of 25,644.77 before settling at 25,580.21 -also new closing peak- up by 183.75 points or 0.72 per cent. In straight three sessions, it has jumped by 774.38 points or 3.12 per cent.

Bajaj Auto, Coal India and L&T led the 20 Sensex gainers.

The broader 50-issue CNX Nifty of the NSE also flared up by 71.20 points, or 0.94 per cent, to log its fresh closing high of 7,654.60. It touched a new intra-day peak of 7,673.70.

Addressing a Joint Sitting of Parliament, President Pranab Mukherjee said curtailing food inflation will be Prime Minister Narendra Modi's top priority as his government pursues broad economic reforms focused on job creation, reviving growth, encouraging FDI and introducing a non- adversarial tax regime.

Remarks on infrastructure programmes, revamping of railways and enhancing electricity generation capacity. also boosted the market sentiment, sending indices to new peaks.

"Markets rose after President Mukherjee unveiled new government's economic reforms agenda, which included introducing GST, encouraging foreign investment and speeding up nods for major business projects" said Jayant Manglik, President-retail distribution, Religare Securities.

TCS, HDFC, ITC, Tata Steel, Maruti Suzuki, Hero MotoCorp, Tata Power and Gail India closed with marked gains in Sensex.

Impressive US jobs report and an upward revision of Japanese economic growth and last week's ECB stimulus to boost the eurozone economy, also aided the domestic sentiment.

FIIs bought shares worth Rs 1,283.04 crore last Friday, taking investments to nearly Rs 50,000 crore this year.

Globally, barring South Korea, other Asian markets closed higher between 0.03 per cent and 0.73 per cent on better than expected US payrolls, Chinese trade and Japanese economic growth data, said traders.

European stocks were trading mixed with an upward bias. Germany's DAX was up by 0.27 per cent and the UK's FTSE up by 0.13 per cent while

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