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Sensex hits fresh record high after rising for a third day

LiveMint logoLiveMint 09-06-2014 Ravindra Sonavane

Mumbai: The Sensex and Nifty hit fresh record highs after rising for third straight session on the back of strong inflows from foreign institutional investors and supportive cues from Asian equity markets.

At 9.50am, the 30-share bellwether BSE Sensex was trading higher by 0.66%, or 167.95 points, at 25,564.41 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 0.72%, or 54.35 points, at 7,637.75 points.

The gainers included Tata Power Ltd that was trading up 2.62% to `113.70 and Larsen and Toubro Ltd (L&T) that rose 2.33% to `1,728.

Among the losers, Oil and Natural Gas Corp. Ltd (ONGC) fell 1.52% to `456.95 and Sun Pharmaceuticals Industries Ltd fell 0.18% to `598.30.

The BSE realty index was the top sectoral gainer, up 1.84%. The BSE capital goods, consumer durable and Bankex were up 1.1% each. The BSE oil and gas index was the top sectoral loser, down 0.18%.

Cement shares were trading higher. Grasim Industries Ltd was trading up 6.56%, Ambuja Cements Ltd was up 5.02%, Ultratech Cement Ltd was up 3.70%, Shree Cement Ltd rose 3.15%, Prism Cement Ltd jumped 6.32%, India Cement Ltd soared 4.23% and Andhra Cement Ltd rose 5%.

Shares of realty were trading higher. Unitech Ltd was trading up 11.13%, Sobha Developers Ltd was up 2.05%, Mahindra Lifespace Developers Ltd was up 1.06%, DLF Ltd rose 2.42%, Anant Raj Ltd jumped 3.07%, The Phoenix Mills Ltd rose 2.36%, Housing Development and Infrastructure Ltd up 1.64%, Godrej Property Ltd jumped 1.55% and Prestige Estates Projects Ltd rose 4.27%.

IDBI Bank Ltd was trading at `115 on BSE, up 2.54% after it approved raising `4,000 crore via QIP or follow on public offer (FPO).

Shipping Corporation of India Ltd was trading at `70.85 on BSE, up 6% after it sold Chemical Carrier.

Reliance Infrastructure Ltd was trading up 3.72% at `814.65 on BSE after Mumbai metro started operation.

Steel Authority of India Ltd was trading at `110.45, up 1.80% after new plate mill, oxygen furnace units were operationalized on Friday.

Divi’s Laboratories Ltd was trading at `1296, up 2.02% after US FDA inspected unit-II at Chippada.

Since the beginning of this year, the BSE Sensex has gained 20.58%, while foreign institutional investors have bought $8.51 billion from local equity markets.

Asian markets were trading higher on Monday following upbeat jobs data in the US, firm GDP data from Japan and better-than-expected Chinese exports data. The Japanese stock market—Nikkei Stock Average was up 0.52% after the economy expanded by more than anticipated, 1.6% in the first quarter. Hong Kong’s Hang Seng was up 0.8% while China’s Shanghai Composite was trading up 0.38%.

Wall Street’s CBOE VIX volatility index also known as the fear gauge fell below 7, to a seven-year low, helping propel US stocks to a record peak on Friday, reports Financial Times. US markets closed at fresh highs following upbeat jobs growth of 2,17,000, slightly above expectations even as the unemployment rate held steady at 6.3%.

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