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Fantastic Friday: Nifty zooms to record peak; ONGC on fire

PTI 06 Jun 2014, 19:55:50 IST
Mumbai: Euphoric mood prevailed in the stockmarket today as the key benchmark index Nifty raced to a new record peak of 7,583 points on the back of over 100-point gain on hectic buying at the National Stock Exchange (NSE).  The market basked in all-round optimism relfected in data showing surge in FII buying, European Central Bank cutting interest rate, expectation of a good monsoon and likely hike in natural gas prices.

Barring IT and metal, rest all major indices rallied led by energy, banking, FMCG, pharma and auto. Shares of mid and small-cap companies also flared up.  The 50-share Nifty traded between 7,592.70 and 7,497.65 before closing at 7,583.40, posting a sharp rise of 109.30 points, or 1.46 per cent, over its last close.  The NSE benchmark crossed its all-time intra-day high of 7,563.50 hit on May 16, when the results of Lok Sabha polls were announced.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 1,368.97 crore yesterday, as per provisional data with stock exchanges.  Asian markets ended mixed.

State-owned energy major ONGC zoomed 11.09 per cent, GAIL 7.94 per cent, DLF 6.12 per cent, Kotak Bank 3.92 per cent and HeroMoto spurted 3.89 percent. Other major gainers included Reliance, Cairn, UltraTech, M&M and HDFC.  Turnover in the cash segment rose to Rs 26,998.76 crore from Rs 25,334,78 crore yesterday. A total of 16,452.54 lakh shares changed hands in 10,634,178 trades, while market capitalisation stood at Rs 87,70,152 crore.