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Sensex regains 25,000 mark ahead of Narendra Modi's swearing-in says Sachin Karpe
BSE Sensex regained the 25,000 mark by soaring 344 points in opening trade today on increased buying by foreign funds and retail investors ahead of swearing-in of Narendra Modi as the 15th Prime Minister of India says Sachin Karpe.
Rising for the third straight session, the 30-share Sensex shot up by 344.19 points, or 1.39 per cent, to trade at 25,037.54 with all the sectoral indices, led by power, PSUs, capital goods, auto, realty and banking sectors, trading in positive zone and rising up to 2.13 per cent. The gauge, which earlier breached the 25,000 mark on May 16, had climbed 395.33 points in the past two sessions. Persistent inflow of foreign funds on hopes that the new government led by Narendra Modi would take a series of measures to revive the country's economic growth and a firming trend would set in the global markets buoyed the trading sentiments says Sachin Karpe. Among other Asian markets, Hong Kong's Hang Seng rose 0.39% and Japan's Nikkei was up 0.73% in early trade today. The Bharatiya Janata Party’s (BJP’s) Narendra Modi led his party to a decisive victory in the April-May general election where he secured 282 seats in the 543-seat lower house of Parliament. The former Gujarat chief minister will be sworn in on 26th May, along with his Cabinet of ministers. Overnight, US markets gained on Friday.
At 12.01 pm, the Sensex was trading higher by 1.8%, or 443.43 points, at 25,136.78 points, while the National Stock Exchange’s (NSE’s) broader 50-share Nifty was trading up 1.73%, or 127.25 points, at 7,490.45 points. Shares of Cipla Ltd were trading down 0.76% at Rs.384 per share and Hindalco Industries Ltd lost 0.76% to Rs.150.85 per share. Also on Monday, Gail India Ltd, Britannia Industries Ltd and Wockhardt Ltd were set to announce their January-March quarter earnings. China’s Shanghai Composite was trading up 0.09% amid speculation policy makers will take further steps to bolster economic growth, while Hong Kong’s Hang Seng was trading lost 0.09% and Japan’s Nikkei Stock Average gained 0.97% says Sachin Karpe. The gainers included Larsen and Toubro Ltd (L&T) that was trading up 6.44% at Rs.1,609 per share, while Mahindra and Mahindra Ltd (M&M) rose 4.74% to Rs.1,213 per share. The gauge, which earlier breached the 25,000 mark on May 16, had climbed 395.33 points in the past two sessions.
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