Stock Market: Sensex scales 40K; Bajaj Auto, Hero MotoCorp shares soar
On account of heavy buying by FIIs and positive DIIs sentiment, the Indian indices broke the psychological jinx as the BSE Sensex scaled the 40,000 levels while the 50-stock Nifty went past 12,000 levels.
On account of heavy buying by foreign institutional investors (FIIs) and positive domestic institutional investor (DII) sentiment, the Indian indices broke the psychological jinx as the BSE Sensex scaled the 40,000 levels while the 50-stock Nifty went past 12,000 levels. Within two and half hours of the market opening the BSE Sensex soar around 300 points and went past 40,000 levels to 40,012 while the Nifty index jump 83 points to 12,006 levels.
Speaking on the current market scenario Prakash Pandey, Head of Research, Fairwealth Securities said, "The market is quite bullish and the reason for this bullishness into the market is caused by the positive faith of FIIs and DIIs into the Indian indices post-victory of the Narendra Modi led BJP government." He said that the victory has signaled the above-mentioned investors that the reforms process would continue and there will be n change into the ongoing policies — giving a concrete road map to the investors about the Indian government policies for the next five years.
Auto and consumer durable stocks were among the major engines that helped Sensex, Nifty break the 40,000 and 12,000 psychological barriers respectively. Auto major Bajaj Auto share price skyrocketed around 4.9 per cent, Hero MotoCorp shares shot up 5.24 per cent, the share price of TVS Motor Company went up 2.15 per cent while Ashok Leyland and MRF stocks rose over 1 per cent.
Consumer durable stocks also helped bulls to further grip Dalal Street. Consumer durable major Crompton Greaves Consumer Electricals share price shot up aroun 2.5 per cent, the share price of Voltas gained near 2.2 per cent, VIP Industries counter went up 1.8 per cent while Rajesh Exports, Symphony and Titan Company added more than half per cent in the intraday trade.