Sensex Hits Record High Above 25,400; ONGC Jumps

The BSE Sensex and Nifty surged to a record high on Friday as blue-chips including oil and gas companies rose on continued optimism about policy reforms by the new government. Upstream oil and gas companies led the rally on expectation that the new business-friendly government of Prime Minister Narendra Modi would usher in substantial reforms. Local shares were also underpinned by foreign fund inflows into equity markets for the fifth straight session on Thursday. Overseas investors bought shares worth 13.69 billion rupees on Thursday, provisional exchange data showed, taking their total purchases to $8.3 billion so far this year. "The market is in a bull run and the momentum is expected to continue. Large overseas funds, which are coming into the market, are looking for quality companies with inherent strength such as ONGC. Most of the state-run companies are performing and are getting rerated. There could be intermediate corrections, which are good for the markets," said Deven Choksey, managing director, KR Choksey Securities. The Sensex gained as much as 1.6 per cent to hit an all-time high of 25,419.14. The index closed 1.51 per cent higher at 25,396.46, posting a 4.9 per cent gain for the week. The broader Nifty surged as much as 1.59 per cent to a record high of 7,592.70. The index closed 1.46 per cent higher at 7,583.40, marking a 4.9 per cent rise for the week. Shares of Oil and Natural Gas Corp gained as much as 12.1 per cent to an all-time high of 469.85 rupees. The stock closed 11.1 per cent higher at Rs 465.65, adding to the 1.9 per cent gain on Thursday, amid continued hopes about reforms in the sector. Shares in other oil and gas companies also gained with the BSE's oil and gas index closing 4.82 per cent higher. Reliance Industries advanced 2.98 per cent, adding to its 1.2 per cent gain on Thursday. Oil India Ltd rose 3.92 per cent, while Gail India Ltd gained 7.94 per cent. Bluechips such as Housing Development Finance Corp rose 2.9 per cent while Hero MotoCorp Ltd gained 3.9 per cent. State Bank of India closed 1.6 per cent higher, while Mahindra and Mahindra Ltd ended up 2.5 per cent. Shares in other banks also gained. Kotak Mahindra Bank Ltd ended 3.9 per cent higher, while Punjab National Bank closed up 2.7 per cent. Shares in sugar companies gained after the union food minister said India would examine raising import tax on the sweetener to support local prices and help mills clear dues to cane growers. Shares in Shree Renuka Sugars Ltd gained 13.3 per cent, while Balrampur Chini Mills Ltd closed 7.5 per cent higher. However, technology stocks declined with Infosys Ltd falling 1.3 per cent after one of its top executive resigned. Tata Consultancy Services Ltd closed 0.95 per cent lower.. Copyright: Thomson Reuters 2014

Sensex Hits Record High Above 25,400; ONGC Jumps

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