Sensex, Nifty log life highs on Modi effect

Sensex, Nifty log life highs on Modi effect

Rising for the fifth day, benchmark Sensex on Monday gained 288 points to end at new peak of 26,390.96 and the Nifty soared 83 points to close at new high of 7,874.25 after Prime Minister Narendra Modi's August 15 pledge to boost infrastructure and manufacturing fired up markets.

Opening after a long weekend, stock markets were in a cheerful mood as investors infused funds to pick up shares across-the-spectrum. Sustained buying by foreign funds and firm European trends also helped, brokers said.

Besides, a fall in global crude oil prices following receding geo-political concerns sustained the positive mood on domestic bourses as India imports nearly 80 per cent of its oil requirements, they added.

Buying was seen mainly across-the-board as 10 out of 12 BSE sectoral indices closed with gains of between 0.26 per cent and 2.64 per cent. Oil&gas, banking, capital goods, power and metal shares led the charge while select FMCG and IT counters attracted profit-booking.

“Markets witnessed a strong rally, which was boosted by positive statements from Prime Minister Narendra Modi, who emphasised the need for better governance and focus on improving infrastructure and manufacturing sector,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

The S&P BSE 30-share Sensex resumed slightly better and gradually improved further to an intra-day all-time peak of 26,413.11 before settling at new high of 26,390.96, showing a spurt of 287.73 points or 1.10 per cent. In straight five sessions, it has now zoomed 1,061.82 points or 4.19 per cent.

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