Sensex, Nifty hit new highs for second day on exit poll hopes

Mumbai: Stocks markets sustained their record-breaking show as BSE standard Sensex ended at new final high of 23,551 and NSE Nifty at 7,014.25 in expectation that exit polls later on Monday will show formation of a constant government at the Centre.

Intra-day, the Sensex rallied to an all-time high of 23,572.88, surpassing preceding high of 23,048.49 and the Nifty touched 7,020.75, contravention the former high of 6,871.35.

Shares of processing plant, power, auto, capital goods, banking, FMCG and metal compressed up stridently on good buying support from investors and operators. Consumer sturdy, IT and Teck sectors also compressed up in line with other sectors. Healthcare, however, declined on gentle advertising.

The Sensex resumed higher at 23,031.11 and compressed up additional to an all-time high of 23,572.88, before settling at 23,551.00, viewing a sharp rise of 556.77 points or 2.42 percent from its last weekend's evidence ultimate of 22,994.23.

The NSE 50-share Nifty crossed 7,000 level for the first time in the times gone by to touch 7,020.75. It to end with defunct at 7,014.25, showing a smart gain  of 155.45 points or 2.27 percent. It surpassed preceding final high of 6,858.80.

The rupee was trading at 59.8 levels beside US dollar.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Positive sentiments in the worldwide equities helped our local index to deal strong. index posted new all time highs... In anticipation  that the exit polls today will show BJP on the charming side."

The nine-phase long Lok Sabha polls end today and the first set of exit polls are predictable to be out shortly.

Sentiments were boosted on explanation of brawny capital inflows into the Indian equity market. Last Friday, a net Rs 1,268.78 crore was pumped as per temporary data from the stock relations.

Most Asian stocks broken higher after Chinese President Xi Jinping allegedly said the country needs to adapt to a new usual" in the pace of financial expansion.

Key standard indices in South Korea, Hong Kong and China  over higher in 0.43 percent to 2.08 percent range.

Indices  in Japan, Singapore and Taiwan eased by 0.35 percent to 0.91 percent.
European stocks were trading assorted in their near the beginning trade with mining shares advancing after information of a sector advance. standard indices in the UK and Germany were up 0.19 percent and 0.27 percent in that order while France's CAC was down 0.17 percent.

FIIs invest net Rs 7,500 crore in Indian stocks in November

 
New Delhi: Overseas investors poured in over Rs 7,500 crore (USD 1.2 billion) in the equity market since the beginning of the month amid renewed optimism about the Indian economy.

Total foreign investment in the stock market has reached Rs 96,461 crore (USD 17.4 billion) so far in 2013, according to data from the Securities and Exchange Board of India, the capital market regulator.

Foreign institutional investors (FIIs) bought equities worth Rs 39,572 crore and sold Rs 32,045 crore of shares during November 1-22 -- a net inflow of Rs 7,527 crore.

On November 22, FIIs were net sellers of equity for the first time since October 3 and sold Rs 40 crore of shares on renewed uncertainty about the US Federal Reserve tapering its stimulus programme.

They invested a net Rs 28,700 crore in stocks during the past two months (September-October).

Overseas investors pulled out Rs 4,569 crore from debt securities so far this month. They have withdrawn a net Rs 54,723 crore from the debt market since the beginning of 2013.

FII inflows into the stock markets have been buoyant since September 2013 on the back of continued global liquidity.

Finance Minister P Chidambaram had said earlier this month that the current account deficit has been under control, the fiscal deficit target will be met, export growth is expected to continue and a bumper harvest is likely after the good monsoon.

Industrial production and trade data released earlier this month gave an impetus to foreign investors.

Industrial output rose 2 percent in September from a dismal 0.43 percent in August. India's exports rose 13.47 percent to USD 27.27 billion in October while imports dipped 14.5 percent, helping to narrow the trade deficit.

The benchmark 30-stock S&P BSE Sensex closed at a record 21,239.36 on November 3.
Since the end of October, the index has declined 947 points, or 4.47 percent, to 20,217.39 points on Friday.

As of November 22, the number of registered FIIs in the country stood at 1,743 and the total number of sub-accounts at 6,406.

Sensex gains over 223 points to snap three-day losing streak

Mumbai: Snapping its three-day losing streak, the BSE benchmark Sensex recovered over 223 points in early trade Monday on emergence of buying by funds amid a firming trend in other Asian markets.

The 30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10 percent, to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery.

The National Stock Exchange Nifty moved up by 68.75 points, or 1.15 percent, to 6,064.20.

Brokers said emergence of buying by funds and retail investors amid a firming trend in other Asian bourses, after US markets hit another record high on Friday, mainly buoyed the trading sentiment here.

Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered buying activity, they said.

Stocks of state-run oil marketing companies such as Indian Oil rose 1.99 percent to Rs 204.70. Hindustan Petroleum rose 4.25 percent to Rs 211 and Bharat Petroleum gained 2.68 percent to Rs 341.60.

Reliance Industries shares also gained 1.27 percent to Rs 854.65.

In other Asian markets, Japan's Nikkei index rose by 1.36 percent, while Hong Kong's Hang Seng gained 0.56 percent in early trade today.

The US Dow Jones Industrial Average surged to yet another high by gaining 0.34 percent on Friday.

Sensex may touch 21,000 level by Diwali: Experts

New Delhi: The BSE benchmark Sensex is likely to hit the much awaited psychological level of 21,000 this Diwali, driven by robust foreign fund inflow, good quarterly earnings from corporates so far and favourable global cues, say analysts.

The Sensex touched its one-year high level of 20,932.23 on Friday triggered by global cues as concerns about the US tapering eased and China's economic growth picked up.

The 30-stock index is 323.88 points away from its all- time peak of 21,206.77 hit on January 10, 2008.

Meanwhile, foreign institutional investors (FIIs), the main driver of the Indian stock market, have poured in nearly Rs 7,000 crore (USD 1.12 billion) in the domestic equity market since the beginning of this month.

With this, the total foreign investment in the Indian stock market has reached Rs 80,174 crore (USD 14.77 billion) so far in 2013, as per data available with market regulator Sebi.

Marketmen attributed the foreign fund inflows to easing concerns over the US tapering.

"Markets rose sharply on Friday, buoyed by the postponement of the debt ceiling issue and on likely expectations that the Fed will not taper the stimulus programme in its next meeting, pending final resolution of the debt ceiling programme," said Dipen Shah, Head of Private Client Group Research at Kotak Securities.

The Sensex has gained 1,365.74 points or 6.99 percent so far this month to 20,882.89.

According to analysts, the way things are looking positive for the country and the liquidity force will take markets to higher levels.

"The Sensex is likely to remain strong in near-term. The kind of inflows and liquidity that we are seeing indicates that the Sensex may scale new highs in the days to come. The Sensex is likely to touch its all-time high by Diwali as the global set-up is good, results by Indian Inc is reasonably decent and most importantly FII inflows are robust," said Paras Bothra, Research Head at Ashika Stock Brokers.

The sentiment in the market last week was boosted on speculation that Federal Reserve could maintain monetary stimulus next year on concerns that the 16-day partial US government shutdown may curb growth in the world's largest economy.

"Markets may move up further as indications from the US markets are positive, corporate results are good. Besides, FIIs are positive on the Indian stock market. So, it is likely that markets may touch their record high levels by Diwali," said Alex Matthews, Geojit BNP, Research Head.