Sensex closes at another record high; Infra, PSU banks, cap good stocks rally

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Sensex closes at another record high; Infra, PSU banks, cap good stocks rally
Indices
Sensex26,747.18Sensex Quote52.90 [0.20%]
Nifty8,261.75Nifty Quote14.90 [0.18%]
The Sensex and the Nifty closed at another record high as buying in PSU banks, oil and gas, metals and infra stocks pushed the indices to a new record closing.

The Sensex ended the day higher by 243 points to close at a new record of 24363 points,  while the Nifty closed the day higher by 60 points at 7263 points - another record closing. But, the gain in select stocks was staggering and something that we have not seen in many trading sessions.

Bharat Heavy Electricals was the top gainer from the Nifty rallying a staggering 15 per cent, while other winners were Coal India with gains of 11 per cent, NTPC, Larsen and Toubro, BPCL and IDFC. Most of the winners were from the power and infra space.

IT stocks were badly hit in trade with Infosys falling a huge 5 per cent, while TCS also fell 5 per cent and HCL Tech lost 4 per cent.

But, mid cap stocks was where the real action was with Allahabad Bank gaining 10 per cent, Crompton 13 per cent, GMR Infra 15 per cent Gammon India locked at the circuit filter with a surge of 20 per cent, Power Finance 18 per cent.

PSU banking stocks had a phenomenal run in trade with stocks rising anywhere between 4-10 per cent on a huge buying interest. A small intra day correction was immediately bought into.

Apart from IT stocks which fell today, select stocks from the pharma sector also collapsed on worries that an appreciation in the rupee would impact profitability. Cipla, Sun Pharma and Dr Reddy's all declined in trade.

Meanwhile, markets across Asia ended the day with marginal losses, while most of Europe was trading in the red.

GoodReturns.in

Story first published: Monday, May 19, 2014, 14:17 [IST]
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