BSE sensex crossed the 28,000 level for the first time
Mumbai: BSE sensex crossed the 28,000 level for the first time. The NSE Nifty also closed at record level of 8,338.30, gaining 14.15 points over the previous close.
During the day trade, the 30-share BSE sensex scaled its fresh life-time high of 28,010.39 points. The Sensex ended 55.5 points higher at 27,915.88, while the 50-share Nifty closed at 8,338.30, up 0.17 per cent. The 50-share index touched all-time intra-day high of 8,365.55 points, surpassing its previous record.
Recent reform announcements have helped sentiments in domestic equities. Early Rate cut is likely to boost demand and trigger expansion in the economy. ICICI Bank, HDFC Bank, Sun Pharma, Infosys, TCS and ITC were among major gainers that lifted the index to record high. Stocks of state-run oil companies such as HPCL, BPCL and IOC also rose notably. Government accelerating economic reforms, falling global crude prices, that raised hopes of an early cut in rates by the Reserve Bank, boosted sentiments.
Mr. Rohit Gadia, Founder & CEO, CapitalVia Global Research reacted about the development through these words: “Indian Stock Market is in strong Bull Run. Investors should hold long positions & trail stop losses while fresh investors should use every small dip to enter in long position, by the year end we are expecting Nifty to test the levels of 9000 & Sensex to test the levels of 32,000 This Bull Run is majorly supported by positive domestic & global cues. Recent announcement of BOJ’s, the fall in crude is really very supportive for India which will help to meet the fiscal deficit target. We also recognise that while inflation is coming down & measures announced by the Reserve Bank will enhance India's sovereign profile, the government to meet its fiscal deficit target of 4.1 percent for this year.”
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