Sensex trading flat after hitting all-time high of 28028 - Hindu Business Line

Mumbai, Nov 10:

The Sensex and the Nifty were trading near flat after hitting all-time highs in early trade on fresh selling, mainly in capital goods and refinery stocks, despite buying in FMCG and consumer durables counters.

At 2.40 p.m. local time, the 30-share BSE index Sensex was trading at 27,882.30, up 13.67 points and the 50-share NSE index Nifty was trading at 8,344.50, up 7.5 points.

Among BSE sectoral indices, capital goods index fell the most by 0.86 per cent, followed by oil & gas 0.84 per cent and auto 0.41 per cent each. On the other hand, FMCG index was the star-performer and was up 2.57 per cent, followed by consumer durables 0.58 per cent and power 0.54 per cent.

ITC, Sun Pharma, BHEL, Coal India and Hero MotoCorp were the major Sensex gainers, while the major losers were ONGC, Hindalco, Tata Motors, L&T and Axis Bank.

The Sensex resumed higher at 27,919.45 and firmed up further to an all-time high of 28,027.96 on initial strong buying on the back of strong foreign capital inflows into the equity market coupled with higher Asian cues. The CNX 50-share Nifty also hit life-time high of 8,383.05.

Brokers said sustained foreign funds inflow and widespread buying by investors on hopes of acceleration in economic reforms process after Prime Minister Narendra Modi expanded his Council of Ministers, mainly buoyed the trading sentiment, lifting the key indices to new highs in early trade.

Domestic sentiment was also buoyed in early trade as Finance Minister Arun Jaitley had yesterday said that the government will amend the tough land acquisition law.

European stocks were steady at the open on Monday, taking a breather after the previous session's losses, with Nutreco surging 13 per cent as SHV sweetened its takeover bid for the Dutch animal feed and nutrition company.

At 0808 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 per cent at 1,346.70 points.

Mixed trading was witnessed in the Asian markets after US jobs data pointed to solid economic growth, while China's export performance showed more resilience than some had expected.

US employers added 214,000 jobs in October, slightly below economists' median forecast of 231,000, but logging the ninth consecutive month of gains of more than 200,000, the longest stretch since 1994.

(This article was published on November 10, 2014)

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