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Nifty Hits 9000-mark, Sensex Climbs 135 Pts; RIL In Limelight

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The buying frenzy continued relatively unabated on the bourses for the fourth straight session following optimistic of a positive Budget outcome with the benchmark Sensex surging by 135 points to end at 29,593.73 and the Nifty conquering a new closing peak of 8,996.25.

Sentiment also remained upbeat on expectations that the government will try to push its big reform measures including the much awaited Insurance Bill and Coal Mines Bill in current Parliament session.

Meanwhile, the growth in eight core industries which slowed down to 1.8 per cent in January on the back of slowdown in the manufacturing sector raised hopes of a rate cut by RBI.

On the other hand, fiscal deficit rose to Rs 5.68 lakh crore in April-January period, breaching the budget estimate by 107 per cent.

Overcoming the initial choppiness and extreme volatility, the key indices witnessed a strong rebound in late afternoon trade led by index heavyweight Reliance Industries following rating uptrade on earnings front owing to rebound in crude prices.

Among the sectoral indices, strong buying was seen in oil&gas and refineries followed by IT, Tech and Healthcare.

While Realty, Auto, Metal and banking succumbed to selling pressure.

The sensex opened slight higher at 29,500.19 and fluctuted between a high of 29,636.86 and a low of 29,364.87 before ending at 29,593.73, showing healthy gain of 134.59, or 0.46 over its last close.

The 50-share Nifty also spiked by 39.50, or 0.44 per cent to close at a new high at 8,996.25 after conquering 9,000 milestone brifly for the first time.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore, as per provisional data from stock exchanges. .
The buying frenzy continued relatively unabated on the bourses for the fourth straight session following optimistic of a positive Budget outcome with the benchmark Sensex surging by 135 points to end at 29,593.73 and the Nifty conquering a new closing peak of 8,996.25.

Sentiment also remained upbeat on expectations that the government will try to push its big reform measures including the much awaited Insurance Bill and Coal Mines Bill in current Parliament session.

Meanwhile, the growth in eight core industries which slowed down to 1.8 per cent in January on the back of slowdown in the manufacturing sector raised hopes of a rate cut by RBI.

On the other hand, fiscal deficit rose to Rs 5.68 lakh crore in April-January period, breaching the budget estimate by 107 per cent.

Overcoming the initial choppiness and extreme volatility, the key indices witnessed a strong rebound in late afternoon trade led by index heavyweight Reliance Industries following rating uptrade on earnings front owing to rebound in crude prices.

Among the sectoral indices, strong buying was seen in oil&gas and refineries followed by IT, Tech and Healthcare.

While Realty, Auto, Metal and banking succumbed to selling pressure.

The sensex opened slight higher at 29,500.19 and fluctuted between a high of 29,636.86 and a low of 29,364.87 before ending at 29,593.73, showing healthy gain of 134.59, or 0.46 over its last close.

The 50-share Nifty also spiked by 39.50, or 0.44 per cent to close at a new high at 8,996.25 after conquering 9,000 milestone brifly for the first time.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore, as per provisional data from stock exchanges. .


Elsewhere in the region, barring South Korea's Kospi index which settled at a new five-month high most equities ended sharply lower amid profit-taking as a surprise interest rate cut by the Chinese central bank failed to maintain its momentum in the market despite record closing on Wall Street overnight. While, European markets are trading firm reacting to slew of earnings news.

In the 30-share Sensex pack, 19 scrips ended in green while remaining 11 finished red.

The total market breadth continued to rule firm as 1,677 stocks ended in positive terrain, 1,176 ended in negative while 143 ruled stable.

Major gainers were; RIL shotup by (4.39 per cent), TCS (3.92 per cent), Bajaj Auto (2.18 per cent), Cipla (2.14 per cent), Sun Pharma (2.01 per cent), HDFC (1.94 per cent), Sesa Sterlite (1.63 per cent), Tata Power (1.34 per cent), Wipro (1.27 per cent) and Hindalco (1.15 per cent).

Notable losers were, Coal India tumbled by (3.89 per cent), M&M (3.26 per cent), Axis Bank (2.34 per cent), Tata Motors (1.63 per cent) and NTPC (0.72 per cent).

Among the S&P BSE sectoral indices, Oil&gas jumped by 2.21 per cent followed by Healthcare 1.33 per cent, IT 1.45 per cent, Technology 1.27 per cent and Consumer Durable 0.59 per cent.

However, Realty tumbled by 1.19 per cent, Auto 0.86 per cent and Metal 0.65 per cent.

The total turnover on the BSE dropped to Rs 4,224.06 as compared to 4,647.93 crore yesterday.

(Agencies)
 


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