Nifty closes at record 8,996.25 points after testing 9,000
Intra-day, the Nifty rose as much as 0.57% to 9,008, surpassing its previous record high of 8,996.60 hit on 30 January
Mumbai: India’s benchmark equity index Nifty crossed the psychologically-important 9,000-mark for the first time on Tuesday, before closing 0.44%, or 39.50 points, higher at record 8,996.25 points.
During the day, the National Stock Exchange’s (NSE’s) Nifty rose 0.57% to touch a record high of 9,007.55 points, surpassing its previous record high of 8,996.60 hit on 30 January. The S&P BSE Sensex rose 0.6% to 29,636.86 points, before closing 0.46%, or 134.59 points, higher at 29,593.73 points.
“I think in the run-up to the budget, a section of the market was a bit circumspect and worried, and also felt that the market could correct," said Ajay Bodke, head of investment strategy and advisory at Prabhudas Lilladher Pvt. Ltd.
“However, the budget has taken everyone by surprise, with its clear enunciation of a roadmap to revive investment cycle, despite having very limited fiscal space," said Bodke, adding that the fact that the market has held on to these levels is a testimony that it has welcomed the budget.
So far in 2015, the Sensex has gained 7.6%, while foreign institutional investors have bought $4.31 billion from local equity and $5.89 billion from bond markets.
The gainers included Reliance Industries Ltd (RIL) that rose 4.39% to ₹ 901.65. A Reuters report quoted CLSA as saying the conglomerate could report a record profit for the fourth quarter.
Top software services firm Tata Consultancy Services Ltd (TCS) rose 3.92% to ₹ 2,774.70.
Among the losers, Coal India Ltd (CIL) fell 3.89% to ₹ 379.35 after the stock turned ex-dividend for ₹ 20.70 a share on Tuesday. Mahindra and Mahindra Ltd (M&M) fell 3.26% to ₹ 1,235.85 after the company reported 10% decline in total sales at 38,033 units in February. It had sold 42,166 units in the same month last year, the company said in a statement.
Among sectoral indices, the BSE oil and gas index was the top sectoral gainer, up 2.21%, followed by the healthcare index, which was up 1.33%. The realty index was the top sectoral loser, down 1.19%, followed by the auto index, which was down 0.86%. The bankex was down 0.27%.
Shares of Bhushan Steel Ltd rose 15.82% to ₹ 100.65 after junior finance minister Jayant Sinha said in a written reply to Parliament that no case of Foreign Exchange Management Act can be made against the company.
Nucleus Software Exports Ltd rose 9.89% to ₹ 202.30 after the company has announced a global collaboration with Red Hat Inc.
Nitin Fire Protection Industries Ltd rose 1.88% to ₹ 40.65 after the company said that it has received the approval for an underwriters’ laboratory.
Sun Pharmaceutical Industries Ltd rose 2.01% to ₹ 942.40 after the company agreed to purchase the Opiates business of GlaxoSmithKline Plc (GSK) in Australia for an undisclosed amount.
Eicher Motors Ltd fell 3.78% to ₹ 15,891.30 after a news report said that Volvo may sell its minority stake in Eicher Motors. Volvo holds 8.4% stake in the company.
TVS Motors Co. Ltd rose 7.81% to ₹ 293.20 after the company reported a 15.14% increase in total sales at 2,04,565 units in February. The Chennai-based company had sold 1,77,662 units in the same month last year.
Jubilant Life Sciences Ltd rose 2.20% to ₹ 162.80 after the company received final approval from the US health regulator for generic Montelukast Sodium chewable tablets used in the treatment of asthma and to relieve symptoms of seasonal allergies.
Hotel Leela Venture Ltd rose 6.5% to ₹ 22.95 after the company decided to sell its land parcel in Agra for ₹ 90 crore. The company did not identify the buyer. In a filing to BSE, Hotel Leela Venture said it has transferred “Leela Palaces and Resorts Ltd, a non-operative subsidiary, owning a land parcel in Agra for an enterprise valuation of ₹ 90 crore to a prospective buyer, subject to approval of the shareholders through a postal ballot."
Natco Pharma Ltd rose 8.87% to ₹ 1,553.15 after the company signed a non-exclusive licensing agreement with US-headquartered, research-based biopharmaceutical company Gilead Sciences to manufacture and sell generic versions of its chronic hepatitis-C medicines.
Tata Motors Ltd fell 1.63% to ₹ 574.60 after the company reported weak Jaguar Land Rover (JLR) sales numbers. In February, the company reported JRL sales of 179 units as compared with 190 units year ago.
India’s January fiscal deficit overshot the full-year target as the gap swelled to ₹ 5.68 lakh crore, or 107% of the target for the 2014-15 fiscal year ending in March, government data showed on Monday.
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