Post Session: Sensex, Nifty hit new high on global cues Analysis for Jul 24, 2014

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The Indian benchmark indices ended higher for eighth straight session on Thursday, helped by gains in steel, metal and mining stocks after Chinese manufacturing PMI topped estimates. The China HSBC Manufacturing PMI rose to 52 in July from 51.8 in June, the highest reading since January 2013, signaling that the world"s second-biggest economy is gaining traction, and the government"s stimulus efforts are injecting new vigor into the economy. Among others, shares of insurance companies rallied after the Cabinet approved 49 per cent foreign direct investment (FDI) in insurers.

The BSE SENSEX closed at 26271.85 up by 124.52 points or by 0.48 per cent, while the NSE Nifty ended at 7830.6 up by 34.85 points or by 0.45 per cent.

During the day"s trade, the BSE Sensex touched intraday high of 26292.66 and intraday low of 26077.70, while the NSE Nifty touched intraday high of 7835.65 and intraday low of 7771.65.

Bucking the trend, the broader market continued its lackluster trade on Thursday and closed on mixed note. The BSE MIDCAP closed at 9293.46 down by 18.26 points or by 0.2 per cent, while the BSE SMLCAP ended at 10229.33 up by 25.15 points or by 0.25 per cent.

On the Sectoral front, metal and IT indices gained 1.47 per cent and 0.9 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3213, shares advanced were 1576 while 1498 shares declined and 139 were unchanged.

The top gainers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 197.55,+2.30%), Tata Steel Ltd. (Rs. 567.05,+2.18%), Hindustan Unilever Ltd. (Rs. 642.30,+1.55%), Wipro Ltd. (Rs. 576.80,+1.31%), ITC Ltd. (Rs. 356.25,+1.09%), among others.

On the flip side, GAIL (India) Ltd. (Rs. 429.45,-2.04%), Dr. Reddy's Laboratories Ltd. (Rs. 2713.95,-0.73%), Hero MotoCorp Ltd. (Rs. 2536.30,-0.66%), Cipla Ltd. (Rs. 439.30,-0.61%), Axis Bank Ltd. (Rs. 1996.65,-0.22%), were among notable losers on BSE.

Story first published: Thursday, July 24, 2014, 17:00 [IST]
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