Nifty hit a record high of 7918.55, before ending the day at 7897.50, up 23.25 points compared to previous day’s closing value. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices climbing over a percent each.
The S&P BSE Sensex finally closed 29.71 points or 0.11 per cent higher at 26420.67 to a fresh closing high. Following the momentum as much as 4 stocks rose to their fresh 52-week high on the BSE Sensex, which includes names like Cipla, M&M, Maruti Suzuki and Tata Motors.
“The Independence Day speech of the Prime Minister clearly tells us that the main focus is on creating infrastructure, making manufacturing easier. According to investor's, long term outlook is very positive. On the global front, Asian markets closed higher with the Nikkei rising 0.8 percent and European markets were trading at 0.4-1 percent following strong Wall Street closing last night (on easing tensions in Russia).
Back home, auto, capital goods, power and banks (select) stocks supported benchmark indices while FMCG and HDFC twins lost ground.
The S&P BSE Sensex finally closed 29.71 points or 0.11 per cent higher at 26420.67 to a fresh closing high. Following the momentum as much as 4 stocks rose to their fresh 52-week high on the BSE Sensex, which includes names like Cipla, M&M, Maruti Suzuki and Tata Motors.
“The Independence Day speech of the Prime Minister clearly tells us that the main focus is on creating infrastructure, making manufacturing easier. According to investor's, long term outlook is very positive. On the global front, Asian markets closed higher with the Nikkei rising 0.8 percent and European markets were trading at 0.4-1 percent following strong Wall Street closing last night (on easing tensions in Russia).
Back home, auto, capital goods, power and banks (select) stocks supported benchmark indices while FMCG and HDFC twins lost ground.
Auto stocks were leaders of the day.
BSE Auto Index gaining more than 2 percent. Tata Motors and Mahindra and Mahindra topped the buying list as well as ended at record closing high of Rs 518.75 and Rs 1374.55, up 3 percent and 3.7 percent, respectively.
Two-wheeler makers Bajaj Auto and Hero Motocorp gained 2.5 percent and
1.3 percent, respectively. Capital goods majors BHEL (up 2.8 percent),
and Larsen and Toubro (up 1.3 percent) too were on buyers’ radar. Shares
of Sesa Sterlite advanced 1.5 percent after Goa government's
announcement of resuming operations in the mining industry by the
year-end.
Top car maker Mauti Suzuki too saw all-time closing high, up 1.6 percent after Deutsche Bank maintains the stock as its top pick in the Indian auto sector with a target price of Rs 3000 a share.
Decline in gasoline prices in India by 4 percent from the beginning of FY15 is a positive development for entry-level car (Alto/WagonR) demand, said the brokerage.
Among banking and financials;
State Bank of India, ICICI Bank and Axis Bank rose nearly a percent while HDFC Bank lost a percent. Housing finance company HDFC plunged 2.5 percent. TCS dropped 2 percent followed by ITC, Reliance Industries, Sun Pharma, Hindustan Unilever, Hindalco Industries, Infosys and Tata Steel with 0.2-0.8 percent. In the midcap space, Manappuram Finance surged 19 percent. Muthoot Finance, Shoppers Stop, Sadbhav Engineering and Jyothy Labs rallied 8-10 percent while Bhushan Steel, Prestige Estate, Engineers India, Pine Animation and ALSTOM India fell 2.5-5 percent. Oil retailers IOC, HPCL, BPCL surged 1.5-4 percent as the diesel under recovery dropped to record lows.
As losses on retail diesel sales are now down to Rs 0.8 per litre, Goldman Sachs estimates it to fall to Rs 0.3 per litre after the price hike on September assuming oil prices and diesel cracks remain around current levels. Advancing shares outnumbered declining ones by a ratio of 1660 to 1285 shares on the Bombay Stock Exchange.
