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BW Businessworld

Budget Hopes Push Sensex Over 26,000; [email protected] 7,787.95

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 The benchmark BSE Sensex crossed the 26,000-mark for the first time and the NSE Nifty soared to hit yet another high of 7,787.95 in opening trade on Monday (7 July) on the back of strong inflow of foreign funds ahead of the Budget.
 
The BSE 30-share barometer spurted by 137.29 points, or 0.52 per cent, to trade at a lifetime high of 26,099.35 with stocks of infrastructure, IT, power, capital goods, auto and realty sectors, leading the rally. The gauge had gained 138.31 points in the previous session.
 
The NSE Nifty also maintained its record-breaking trend and gathered another 36.35 points, or 0.46 per cent, to hit a new all-time high of 7,787.95 points, surpassing its previous intra-day high of 7,758.00, touched in Friday's trade.
 
Brokers said sentiments remained extremely bullish on continued buying by foreign funds and retail investors on expectations of a growth-oriented Budget that lifted the key indices to new highs.
 
Beginning of earnings season later this week also influenced the trading, they added.
 
Among the 30-Sensex stocks -- L&T, NTPC, Infosys, TCS, Wipro, Tata Power, Hindalco, Tata Steel, Sesa Sterlite, Tata Motors, Bajaj Auto, Hero MotoCorp, SBI, ICICI Bank, Dr Reddy's and Cipla were the major gainers during the initial trade.
 
Among other Asian markets, Hong Kong's Hang Seng gained 0.15 per cent, while Japan's Nikkei fell 0.02 per cent in early trade on Monday.
 
The US markets remained closed on Friday.
 
Technology stocks gain ahead of Infosys Ltd kicking of the April-June earnings season on July 11. Infosys was up 2.2 per cent, while Tata Consultancy Services Ltd gains 2.4 per cent.
 
Sentiment is also supported as investors expect the government's maiden budget, to be to unveiled on Thursday, to target increase in revenue from asset sales while controlling spending.
 
Overseas investors bought Indian shares worth rs 943 crore 158 million) on Friday, provisional exchange data shows.

(Agencies)