Stable government at centre continuously boosts economy with Sensex crossing a mark of 25,000 points. Sectors like Metal, Power and Oil were booming on the stocks.
Sensex started higher, but dropped to a low of 24,644.88. It later recovered sharply to settle at its new closing high of 25,019.51, a rise of 213.68 points, or 0.86 per cent. It breached the previous closing peak of 24,858.59 hit on June 3. The Nifty flared up by 71.85 points, or 0.97 per cent, to end at new peak of 7,474.10 surpassing its June 3 closing of 7,415.85.
The sentiment was further underpinned as overseas investors bought shares worth $ 32.25 million on Wednesday in a third straight session of buying.
Buying was strong with 11 of 12 sectoral indices posting gains between 0.17 per cent and 3.33 per cent. Metal, oil and gas, power, FMCG, IT and capital goods led the surge. Persistent capital inflow from foreign funds into equity market and widespread buying by retail investors boosted the market sentiment, said traders.
Metal and oil and gas prices usually go up after an economic stimulus on hopes some funds will come into such assets. Sensex- based counters like Tata Motors, Sesa Sterlite, ONGC, Infosys, HUL, RIL, ITC, Tata Steel, Hindalco, TCS, HDFC, Axis Bank, Tata Power, Wipro, Hero MotoCorp and Gail closed with sharp to marked gains.
