Sensex closes at new record high on gaining rupee, falling CAD

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Sensex closes at new record high on gaining rupee, falling CAD
The Sensex closed at a new record high in trade on the back of sharp gains in the rupee and following lower than expected current account deficit. Dealers say a pre-election rally in anticipation of a strong government at the centre has also begun. The Nifty captured the level of 6400 points for the first time since Dec 9,ending at 6402 points.

The Sensex ended the day at a new record closing of 21,513 points, breaching a closing level of 21,383 points on Jan 23, 2014. Foreign funds were reportedly large buyers in equities today after the rupee gained against the dollar.

Jaiprakash Associates led Nifty gainers with other notable winners being DLF, Bharat Heavy Electricals, Hindalco and Jindal Steel and Power.

A few stocks from the FMCG and pharma space were subdued in trade with the likes of Cipla, Hindustan Unilever and ITC ending the day flat, as action shifted to infra and capital goods stocks.

Mid cap stocks also surged with the index ending the day with gains of over one per cent. Power and capital goods stocks were once again in the limelight with Crompton Greaves, Bhel and CESC among the winners.

Software stocks had a quite session with TCS ending the day lower, while Infosys closed flat.

PSU banking stocks also saw some buying interest after the Finance minister promised fresh capital infusion. Among the winners were Bank of India, Syndicate Bank and Indian Overseas Bank.

Dealers say markets are likely to see fresh highs, as a pre-election rally sets in. Meanwhile, Asian markets also surged with the Japanese Nikkei gaining 1.59 per cent, while the Taiwan Weighted gained almost 1 per cent in trade.

GoodReturns.in

Story first published: Thursday, March 6, 2014, 15:08 [IST]
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