BSE Sensex hits record high for 4th session, breaches 28,000-mark for first time

The benchmark BSE Sensex breached 28,000-mark for the first time and the NSE Nifty hit a new peak of 8,363.65 in early trade today on sustained fund inflows amidst optimism over encouraging corporate earnings Stock Market Tips

The 30-share index flared up by 141.57 points, or 0.50 per cent, to hit a new peak of 28,001.95, surpassing previous intra-day record of 27,969.82 reached on Monday.  The gauge had shed 5.45 points in the previous session. Markets remained closed yesterday on account of “Muharram”.

Breaching all previous records, the 50-share NSE Nifty gained 39.50 points, or 0.47 per cent, to hit a new lifetime high of 8,363.65. It had touched the intra-day lifetime high of 8,350.60 on Monday Commodity Trading Tips

Both the indexes hit fresh record highs, for a fourth straight session with heavyweight banking and healthcare stocks leading the gains.

At 10.20, Sensex trimmed some initial gains to fall below 28,000 mark to trade at 27927.83 while Nifty was trading at 8346.10 Free Share Tips

Falling global crude oil prices which dipped to its lowest closing point since October 2011 also influenced trading sentiments, brokers said.

All the sectoral indices, led by realty, consumer durables and power, were trading in positive zone with gains up to 1.50 per cent.

Marketmen said persistent inflow of foreign funds and sustained buying by retail investors, buoyed by a series of economic reforms undertaken by the government and better-than-expected earnings by blue-chip companies, lifted the key indices to new highs.

Prominent gainers among the 30 Sensex stocks were Bajaj Auto, BHEL, Cipla, ITC, L&T, SBI, Sun Pharma, TCS, Tata Motors and Tata Power Inrtaday Trading Tips

Stock markets are in a strong bull run. Investors should hold long positions and 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 9,000 and Sensex to test the levels of 32,000. This bull run is majorly supported by positive domestic and 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,  said Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.

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