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Business News/ Market / Stock-market-news/  Sensex, Nifty close at new highs after Obama’s India visit
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Sensex, Nifty close at new highs after Obama’s India visit

The Sensex closed up by 1%, or 292.20 points, at 29,571.04 points, while the Nifty closed 0.85%, or 74.90 points higher, at 8,910.50 points

Intra-day, the 30-share BSE Sensex touched an all-time high of 29,618.59 points, up 1.16% or 339.75 points, while the broader 50-share Nifty hit a lifetime high of 8,925.05 points, up 1.01% or 89.45 points. Photo: Mint Premium
Intra-day, the 30-share BSE Sensex touched an all-time high of 29,618.59 points, up 1.16% or 339.75 points, while the broader 50-share Nifty hit a lifetime high of 8,925.05 points, up 1.01% or 89.45 points. Photo: Mint

Mumbai: Equity markets hit record highs for the fifth consecutive session after India and the US agreed to have stronger economic and defence ties and the two countries took the civil nuclear deal forward.

Earlier in the day, the 30-share BSE Sensex touched an all-time high of 29,618.59 points, up 1.16% or 339.75 points, while the broader 50-share Nifty hit a lifetime high of 8,925.05 points, up 1.01% or 89.45 points.

The Sensex closed up by 1%, or 292.20 points, at 29,571.04 points, while the Nifty closed 0.85%, or 74.90 points higher, at 8,910.50 points.

Among the sectoral indices, BSE Bankex was the top sectoral gainer up 2.3% followed by the capital goods index which was up 1.9%. The auto, FMCG, realty and power indices were up 1.2%, 1.1%, 1% and 0.9%, respectively. The IT index was the top sectoral loser, down 1.7%, followed by Teck and metal indices which were down 1.1% and 0.6%, respectively.

The gains were capped due to caution ahead of the US Federal Reserve’s two-day policy meeting beginning Tuesday. Investors are closely following the American central bank’s stand on recent policy easings from the euro zone to Canada and Switzerland.

The general assumption is that the Fed will acknowledge the uncertain global outlook and stick to its promise to be patient on monetary tightening. Yet, its timetable remains for lift-off on rates by mid-year, a trajectory that presages further broad-based gains for the dollar, Reuters reported.

Among the gainers, Axis Bank Ltd rose 4.8% to 592.30, Cipla Ltd 4.6% to 705.95, ICICI Bank Ltd 3.6% to 383.70 and ITC Ltd 3% to 359.75.

Among the losers, Dr Reddy’s Laboratories Ltd fell 4.3% to 3,202.70, Infosys Ltd fell 3.3% to 2,136, Mahindra and Mahindra Ltd fell 2.8% to 383 and Coal India Ltd fell 2.8% to 383.

Moser Baer India Ltd rose 10.7% to 11.07 while Indosolar Ltd rose 5% to 13.7, on hopes the companies will benefit after India won US backing for a $160 billion solar push. L&T gained 2.1% to 1,741.40

Hindaclo Industries Ltd fell 1.9% to 142 after the Central Bureau of Investigation (CBI) registered a fresh case against it as part of its investigation into the alleged irregular allocation of coal mines.

Union Bank of India fell 5.3% to 238.20 after the bank said net profit in October-December 2014 fell 13.33% to 302.42 crore from 348.94 crore in the same period the previous year. Profit fell mainly because of higher provisions and contingencies.

Edelweiss Financial Services Ltd rose 10.3% to 76.35 after a huge block deal on the exchanges, in which around 17.76 million shares or 2.3% of the company’s equity changed hands. Further details of buyers and sellers were not available.

Rajesh Exports Ltd rose 8.6% to 175 after the company said in a notice to BSE that its board will meet on 9 February to consider plans to foray into gold finance business.

Max India Ltd rose 8.4% to 492.75. The company announced that it will be split into three listed firms to unlock shareholder value of its businesses. After the split, Max India will be renamed Max Financial Services Ltd and will focus solely on the life insurance business run under Max Life Insurance.

Jet Airways (India) Ltd, the country’s second-largest airline by passengers carried, rose 14.4% to close at 497.65 on hopes that the drop in crude oil prices will boost profit.

Delta Corp. Ltd fell 2.3% to 93.35 after the company reported a consolidated net loss of 4.27 million in the December quarter as compared with 196.88 million a year ago.

So far in 2015, the Sensex has gained 7.53%, while foreign institutional investors have bought $889.7 million from local equity markets and $2.46 billion from the debt market.

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Published: 27 Jan 2015, 09:59 AM IST
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