US budget deal, India economic data drive Sensex to 2-yr peak, Nifty to 6K mark

Jan 02 2013, 18:59 IST
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The 50-scrip NSE index Nifty breached the 6,000 mark during the session for first time since Jan 2011. (Reuters) The 50-scrip NSE index Nifty breached the 6,000 mark during the session for first time since Jan 2011. (Reuters)
SummaryYesterday, Sensex closed at 20-mth high, fuelling expectations stocks may breach life-time high soon.

prices trending down, experts said data augurs well for the economy. "PMI data suggest that the manufacturing sector after stabilising between July and October began to improve from November, and inflation pressures remain under check, a good start to new year," said Sonal Varma, India economist, Nomura.

Meanwhile, Finance Minister P Chidambaram today said the government is considering steps to reduce gold import by making it more expensive, which is a major constituent of country's rising current account deficit (CAD).

Traders said moves to stem gold demand are structurally positive for the economy's fiscal health.

In all, 23 out of 30 Sensex-based counters closed with gains. Bajaj Auto was the top gainer with a rise of 3.07 per cent, followed by Maruti Suzuki (2.74 pc), ONGC (2.50 pc), BHEL (2.38 pc), Sterlite Ind (2.19 pc), Gail India (2.02 pc), HDFC (1.54 pc), L&T (1.49 pc), NTPC (1.22 pc), ICICI Bank (1.19 pc), SBI (0.91 pc) and RIL (0.84 pc).

However, Wipro eased by 0.78 per cent, ITC by 0.61 per cent and M&M by 0.44 per cent.

Kishor P Ostwal, CMD, CNI Research said,"Psychologically, 6000 was big hurdle for the Nifty futures and we closed above 6000 for the first time in nearly last two years."

Among the sectoral indices, the BSE-CD firmed up by 1.65 per cent, followed by BSE-CG (1.40 pc), BSE-Oil&Gas (1.29 pc), BSE-PSU (1.02 pc), Bankex (0.96 pc) and BSE-Auto (0.92 pc).

The total turnover shot up further to Rs 2,510.03 crore from Rs 1,860.19 crore yesterday. FIIs bought shares worth a net Rs 665.05 crore yesterday, as per provisional data from stock exchanges.

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