Sensex, Nifty end at record high as FII flows surge ahead of Union Budget

Updated: Wednesday, July 2, 2014, 15:31 [IST]

Indices

The Sensex and the Nifty ended at another record high as foreign funds continued to buy into Indian stocks ahead of the Union Budget due on July 10. Hints by Union Finance Minister on a tough budget also pushed stocks higher.

The Sensex ended the day higher by 324 points led by buying in heavyweights like HDFC and HDFC Bank. The Sensex closed the day at 25,841 points, while the Nifty closed above 7700 points for the first time ever ending at 7725 points.

The notable winners from the Nifty were metal stocks including Sesa Sterlite, Hindalco and Tata Steel.

Auto stocks continued to have a spectacular run following better than expected June numbers. Maruti Suzuki and Mahindra and Mahindra were among the winners in trade.

The Bank Nifty also ended the day higher led by gains in Yes Bank, State Bank of India and IndusInd Bank.

Shares in HCC fell despite reports of an IPO by its subsidiary, which manages the Lavasa project. The stock ended weak by 3 per cent.

Select IT stocks like HCL Tech, Tech Mahindra and Infosys ended the day flat to weak. The latter today reported that it is likely to declare its results on July 11.

Mid cap stocks also had a spectacular run in trade with CESC and Power Finance among the winners.

Today's rally was largely on account of a gush in inflows from foreign funds. Foreign portfolio investors bought shares worth a net Rs 856.35 crore yesterday, as per provisional data from the stock exchanges.

Meanwhile, markets across Asia ended the day higher, while most of the European markets were trading with gains.

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