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Bull market continues; Sensex surges 293 points on FII inflows

New Delhi: The benchmark BSE Sensex and NSE Nifty hit their new record highs on Monday. While the Sensex rose 293.15 points to end at 27,319.85, the 50-share NSE index Nifty gained 87.05 points to

India TV Business Desk India TV Business Desk Updated on: September 08, 2014 16:54 IST
bull market continues sensex surges 293 points on fii
bull market continues sensex surges 293 points on fii inflows

New Delhi: The benchmark BSE Sensex and NSE Nifty hit their new record highs on Monday. While the Sensex rose 293.15 points to end at 27,319.85, the 50-share NSE index Nifty gained 87.05 points to close at 8,173.90. The rally was a result of heavy fund inflows and improved macroeconomic indicators – inflation and forex reserves.

All other BSE sectoral indices ended in the green, except consumer durables. Oil & gas index surged the most by 1.79 per cent, followed by FMCG 1.4 per cent, capital goods 1.29 per cent and metal 1.25 per cent. However, consumer durables index was down 0.22 per cent.

Top gainers were Hindalco, ONGC, SBIN, Wipro and HUL. The losers' list included NTPC, M&M, Tata Power and BHEL on the 30-share Sensex.

So far the Indian stock markets have gained nearly 29 per cent in the year 2014, putting it ahead of global peers in terms of overall performance.

Recently, Goldman Sachs raised its 12-month target for the 50-share Nifty index to 9000 from 8600 earlier.

Despite the good run in the stock market, analysts still advise investors to tread with caution because they believe the markets may witness periodic corrections or profit booking. Investors should use these opportunities to enter markets or accumulate quality stocks at lower levels, they say.

Elsewhere, European stocks fell as investors weighed equity valuations after the Stoxx Europe 600 Index completed its fourth weekly rally, while UK banks retreated on concerns that Scotland will vote for independence.

The Stoxx 600 retreated 0.7 per cent to 345.23 at 10.01 a.m. in London.

Most Asian stocks rose as investors weighed data showing Chinese exports rose more than analysts projected last month, while imports unexpectedly fell.

The MSCI Asia Pacific Index was up 0.1 per cent at 148.54 as of 2.10 p.m. in Hong Kong.

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