Indices climb to a new peak on hopes of reforms

Tags: Stock Market
Both the key indices, S&P BSE benchmark Sensex and CNX Nifty, climbed to a new peak during the week on fresh buying from operators and investors on hopes of strong economic reforms in the first budget under the Narendra Modi government.

Strong foreign capital inflows into equity market along with upbeat US data and easing oil prices boosted the market sentiment.

Shares of Auto, Power, Healthcare, Capital Goods, Metal, PSU and Banking firmed up on good buying enquiries.

Small-cap and Mid-cap shares also moved up on good demand from retail investors.

The Sensex opened higher at 25,179.55 and moved up further to an all-time high of 25,999.08 before ending at 25,962.06, showing a sharp gain of 862.14 points or 3.43 per cent. It had lost 296.54 or 1.17 per cent in the previous three weeks.

The NSE 50-share Nifty also rose to an all-time high of 7,758.00 before finishing the week at 7,751.60, showing a gain of 242.80 points or 3.23 per cent. It had also by 74.60 points or 0.98 per cent in the previous three weeks.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 4,367.51 cr during the week as per the SEBI data, including the provisional figure of July 4.

US stocks rose with the Dow Jones Industrial Average hitting 17,000 for the first time and the S&P 500 index also scaling records after June jobs report.

EDITORIAL OF THE DAY

  • India must move one level higher and be the exporter of electronics to the world

    INDIA hopes to achieve net zero-import balance in the electronics industry over the next three years.

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