The Telegraph
Saturday , July 5 , 2014
CIMA Gallary

Pre-budget stock rally

Mumbai, July 4: The Sensex and Nifty closed at new highs today on hopes of reforms and a budget focused on fiscal prudence.

The benchmark Sensex gained over 138 points to end at a new peak of 25962.06. The 50-share Nifty of the NSE rose 36.80 points to finish at an all-time closing high of 7751.60.

While foreign portfolio investors continued to make brisk purchases, the oil & gas sector saw high action on expectations that the government might hike kerosene and LPG prices. Positive cues from other markets and lower crude prices also boosted the sentiment.

The Sensex opened higher at 25844.80 and hit a day’s high of 25981.51 before closing at 25962.06. It breached the previous high of 25841 on July 2. For the week, the index gained 862.14 points.

“The markets may remain sideways till the budget and may take cues from it to give a breakout in either direction,’’ Alex Mathews, research head, Geojit BNP Paribas Financial Services, said.

Foreign investors bought shares worth Rs 950.82 crore on Thursday, provisional data showed that they bought stocks worth Rs 940 crore today.