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Cheerful end to Samvat 2070, Sensex up 211 points at 1-month high

New Delhi: The Samvat year 2070 ended on a cheerful note with benchmark Sensex on Wednesday surging over 211 points to end at one-month high on renewed optimism after the Modi government announced a slew
PTI October 22, 2014 17:09 IST
PTI

New Delhi: The Samvat year 2070 ended on a cheerful note with benchmark Sensex on Wednesday surging over 211 points to end at one-month high on renewed optimism after the Modi government announced a slew of economic reforms and hopes of the ongoing festive season giving boost to corporate earnings.

After gaining 576.31 points in the previous three sessions, the 30-share bluechip index continued its upmove and touched the day's high of 26,818.33 before finally closing at 26,787.23 -- up 211.58 points, or 0.80%.

After reforms in oil and gas and coal sectors, increased capital infows on expectations that Modi government will accelerate economic reforms after stellar showing by the BJP in state Assembly elections and encouraging quarterly earnings by some bluechip firms, buoyed sentiments, traders said.

The National Stock Exchange index Nifty rose by 68.15 points, or 0.86% to close at 7,995.90 after crossing 8,000-mark for the first time since September 30.

With markets ending positively on last day of the Hindu Samvat year 2070, the Sensex has risen by over 26 % during this period. Investor wealth of BSE listed stocks has soared by Rs 25 trillion to end at Rs 93.32 trillion.

Out of the 21 winners in the Sensex on Wednesday, major contributors include BHEL (up 1.89%), Cipla (3.43%), Dr Reddys (2.13%), HDFC (0.89%), Hind Unilever (1.02%), L&T (2.59%), RIL (1.81%) and Wipro (1.47%).

Auto shares were at the forefront and led gainers, supported by expectations of strong numbers during ongoing festive season and robust sale on Dhanteras yesterday.

Prominent stock gainers were Hero MotoCorp, Maruti Suzuki, Bajaj Auto and Tata Motors that gained 3-4%.

"Expect market to remain bullish from this Samvat to the next but volatility is likely to continue. In this rally so far, IT, Pharma, Auto Consumer, Banking had been the leaders.

Cements and Infra would do well in the coming year considering Modi government's focus has been on building new cities," said SK Goel, Director, Bonanza Portfolio Ltd.

In Samvat 2070, Sensex has recorded a handsome gain of 5,590.42 points, or 26.37% from the closing of last Samvat 2069 (November 1, 2013). The NSE Nifty registered a hefty rise of 1,688.70 points, or 26.77%.

Meanwhile, the provisional data released by the stock exchanges showed Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 32.40 crore on Tuesday.