Post Session- Sensex extends rally amid buying momentum Analysis for Mar 28, 2014

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The key domestic benchmarks extended a rally after the Sensex clocked a record high for the fifth straight session amid continues robust buying by foreign investors who are betting on the formation of a stable government after the elections. The Sensex advanced by 125 points led gains in state-run banks which gained after the RBI extended the deadline for the implementation of the Basel III capital norms by a year. According to SEBI data, Foreign Institutional investors (FIIs) bought Indian cash shares worth USD 364 million on Thursday. Investors were eying the RBI monetary policy review on Tuesday in which the central bank may keep interest rates unchanged.

Most Asian stocks ended higher as a dip in US jobless claims last week and a quicker than previously expected pace of economic growth in Q4 2013 signaled a pickup in the world"s biggest economy. China"s Shanghai Composite ended lower amid caution ahead of China manufacturing data next week. Hang Seng rose amid hopes of China stimulus. Japan"s Nikkei 225 ended higher after Japan consumer price index excluding fresh food rose 1.3 per cent in February 2014 over the same month a year ago ahead of the sales tax effect in April, a sign that the world"s third biggest economy is overcoming deflation.

The BSE SENSEX closed at 22,339.97, up by 125.6 points or by 0.57 per cent, and the NSE Nifty ended at 6,695.9 up by 54.15 points or by 0.82 per cent.

The BSE Sensex touched intraday high of 22,363.97 and intraday low of 22,185.11 The NSE Nifty touched intraday high of 6,702.6 and intraday low of 6,643.8.

Meanwhile, the BSE MIDCAP closed at 70,10.29 up by 100.62 points or by 1.46 per cent, while the BSE SMLCAP ended at 6,999.06 up by 82.56 points or by 1.19 per cent.

On the Sectoral front, Power and PSU rose 3.02 per cent and 2.17 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3033, shares advanced were 1771 while 1095 shares declined and 167 were unchanged.

The top gainers of the BSE Sensex pack were Tata Power Company Ltd. (Rs. 86.40,+4.54%), Hindalco Industries Ltd. (Rs. 130.35,+4.07%), State Bank of India (Rs. 1902.25,+3.41%), NTPC Ltd. (Rs. 120.85,+3.29%), Bharti Airtel Ltd. (Rs. 317.50,+2.19%), among others.

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Story first published: Friday, March 28, 2014, 16:36 [IST]
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