Monday, 1 September 2014

Record high! Nifty hits 8000, Sensex zooms over 150 pts

 9:20 AM: Record high! Nifty hits 8000, Sensex zooms over 150 pts

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The Nifty has hit record high at 8000 just minutes after opening at an all-time high. The 50-share index is up 50.15 points at 8004.50. The Sensex is up 169.79 points at 26807.90. About 824 shares have advanced, 188 shares declined, and 45 shares are unchanged.

Coal India, NTPC, Hero MotoCorp, Hindalco and L&T are major gainers in the Sensex. Among the losers are BHEL and Infosys.

The Indian rupee opened flat at 60.50 per dollar versus 60.50 Thursday. Euro slipped to a fresh one-year low early as the situation in Ukraine worsened. Meanwhile, pressure on the euro helped the dollar index reach a high not seen in over 13 months.

In the US, stocks rose on Friday, lifting the S&P 500 to another record finish, as investors welcomed a better-than-expected read on US consumer confidence and bypassed geopolitical worries. However, US markets will be shut today on account of labour day.

In commodities, Brent crude oil rose to 103 dollars after reports indicate Russian troops had entered Ukraine in support of pro-Moscow rebels, intensifying a separatist war.

Key event to watch today, the Supreme Court will decide what to do with captive coal blocks, having deemed more than 200 allocations made since 1993 to be illegal. While writing their order, one of the biggest questions before chief justice R M Lodha and his fellow judges will relate to the 40-odd blocks where mining has already started.

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