Monday, 8 September 2014

Indian Share Market Record closing high: Sensex soars 293 pts, Nifty above 8150

 4:30 PM: Indian Share Market Record closing high: Sensex soars 293 pts, Nifty above 8150

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After a short pit-stop, the bulls have resumed their record-breaking sprint on Dalal Street. The Nifty managed to close above 8150-level, up 87.05 points or 1.08 percent at 8173.90 while the Sensex was up 293.15 points or 1.08 percent at 27319.85. About 2075 shares have advanced, 956 shares declined, and 93 shares are unchanged.

Analysts feel the bulls are here to stay for long. Gautam Shah of JM Financials dishes out aggressive targets for the Nifty. He expects the 50-share index to hit 10700 by December 2015 while Jim Walker of Asianomics says the bull run in India will go on till 2018.

Walker says this is not the time to think about end of the bull run instead it is great time to buy into the market.

Hindalco, Wipro, HDFC Bank and SBI are top gainers in the Sensex. Shares of ONGC jumped over 3 percent while OIL also hit all-time high of Rs 667.45 per share. Bank of America Merril Lynch is bullish on the stocks with a higher target price expecting more gains from oil reforms.

Asian Paints was the biggest Nifty gainer, touching record high on hopes of 20 percent growth in domestic paint industry by FY16. The Associated Chambers of Commerce and Industry of India (Assocham) estimates the Indian paint industry to surge from the current level of about Rs 40,600 crore to about Rs 62,000 crore by 2016 witnessing a breathtaking double-digit compound annual growth rate (CAGR) of about 20 percent.

Midcaps continued to fare better than the blue chips with the index rallying over 150 points. Among the midcaps, Torrent Power, Punj Lloyd, MRF, Apollo Tyres and Max India were major gainers.

Tyre stocks rallied 2-20 percent as domestic rubber prices have seen sharpest fall in five years, hitting Rs 126 per kg. Rubber prices are down 25 percent since average of Rs 169/kg seen in January.

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