Mumbai May 4 (IANS) Indian equity markets cheered the overnight Union Cabinet decisions with the NSE Nifty on Thursday closing at a record high level. The BSE Sensex too closed above the 30 000-mark.
Besides the US Federal Reserve s decision to keep key interest rates unchanged and healthy buying in banking stocks boosted investors sentiments.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 47.95 points or 0.51 per cent to close at 9 359.90 points -- a new record. It had closed at 9 351.85 points on April 26.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE which opened at 30 069.72 points closed at 30 126.21 points -- up 231.41 points or 0.77 per cent from its previous close at 29 894.80 points.
The Sensex touched a high of 30 169.95 points and a low of 30 007.40 points during the intra-day trade.
The BSE market breadth was evenly balanced though marginally in favour of the bulls -- with 1 430 advances and 1 428 declines.
In terms of the broader markets the S&P BSE mid-cap index closed higher by 0.48 per cent while the small-cap index was up 0.36 per cent.
The Nifty and Bank Nifty touched all-time highs. Reports of promulgation of an ordinance to amend the Banking Regulation Act for resolution of the bad loan crisis facing banks helped sentiments Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets have ended on a positive note barring the Shanghai Straits and Hang Seng index. Positive sentiment in European trading also helped. European indices like FTSE 100 DAX and CAC 40 are all trading higher.
Anand James Chief Market Strategist of Geojit Financial Services said: Talks on banking regulation act amendment and earnings positivity kept banks on the rise. Meanwhile FOMC s (Federal Open Market Committee) status quo ensured that markets were not much ruffled while oil s slippage helped EM equities firm.
FIIs (foreign institutional investors) have been reluctant buyers of Indian equities last month and an increased activity may be hoped for atleast until FOMC meets next in June.
Sector-wise the S&P banking index witnessed healthy buying and surged by 584.87 points or 2.32 per cent during intra-day trade after the Union Cabinet at a meeting chaired by Prime Minister Narendra Modi on Wednesday night approved an ordinance to amend the Banking Regulation Act to tackle the mounting non-performing assets (NPAs) of public sector banks.
The banking index was followed by the consumer durables index which surged by 219.66 points and the capital goods index which edged 138.32 points up.
In contrast the S&P BSE automobile index fell by 126.89 points the metal index was down by 86.27 points and the oil and gas index edged down by 77.02 points.
Major Sensex gainers on Thursday were: ICICI Bank up 9.24 per cent at Rs 297.95; Adani Ports up 3.68 per cent at Rs 339.60; Axis Bank up 3.63 per cent at Rs 518.90; State Bank of India (SBI) up 3.27 per cent at Rs 298.80; and Hindustan Unilever up 2.36 per cent at Rs 956.15.
Major Sensex losers were: Tata Motors down 2.27 per cent at Rs 436.50; ONGC down 1.15 per cent at Rs 188.75; Mahindra and Mahindra (M&M) down 0.89 per cent at Rs 1 335.25; Cipla down 0.84 per cent at Rs 549.65; and Reliance Industries down 0.84 per cent at Rs 1 358.75.
--IANS
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Indian equities cheer cabinet decisions, Nifty at new closing high (Roundup)
