Friday, 24 October 2014

Sensex starts New Year with 64 points gain on Muhurat trading

The start of Samvat year 2071 in Muhurat trading on Thursday was lacklustre, showing signs of weakening above the 8030 levels.
Though the Nifty remained above the 8000-level at close of the one-hour token session to mark the beginning of the New Year, it could not make any substantial gains.
Nifty closed with a marginal gain of 18.65 points at 8014.55 while the BSE Sensex ended 63.82 points higher at 26851.
The markets opened with a gap-up but soon lost its steam trading sideways mostly, dealers said.
"Having risen 26% since last Samvat, similar expectations should not be expected this year. One should expect longer-term return of 14-15%," said Arun Kejriwal of Kejriwal Research.
Of the 50 shares on Nifty, 32 advanced while 17 declined and one remained unchanged. Major gainers were Bajaj Auto at Rs 2532 (1.49%), Tech Mahindra 2362 (1.17%) and Asian Paints Rs 651(1.09%).
On the BSE, 2013 shares advanced, 531 shares declined and 91 were unchanged. Bajaj Auto, ONGC, Reliance, Hindalco and L&T were major gainers in the Sensex.
Wipro lost over 4% on both the bourse following its dismal second quarter performance that pulled down net profit by 1%.
Bhel, Maruti, Tata Motors and Sesa Sterlite were among other losers.
At the start of the trading, Sensex rose 143 points on sustained buying.
The Sensex, which had recorded a remarkable gain of 787.89 points in the previous four sessions, rose 0.53% to trade at 26,930.23 in the first five minutes of trade.
The share market has remained in a bullish mood in the past few sessions on the back of a slew of economic reforms announced by the government and strong showing by the Bharatiya Janta Party in Maharashtra assembly elections amidst continued foreign fund buying.