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Sensex, Nifty rebound to close at record highs ahead of Budget

Sensex, Nifty rebound to close at record highs ahead of BudgetContinuing its record-setting spree, the benchmark Sensex today rebounded over 138 points to end at new closing peak of 25,962.06, led by oil & gas shares, on hopes of reforms and a growth-oriented Budget next week.
Expectations the government is prepared to tackle any crisis related to poor rains and strong global cues after better-than-expected US data and easing oil prices also boosted sentiment, traders said.
Gains in shares of Sensex heavyweights RIL, HDFC Bank and Infosys alone contributed over 100 points. Overall, 19 constituents in 30-share Sensex ended higher while 11 fell.
The BSE 30-share barometer after resuming higher, slipped into negative terrain on profit-booking in heavy-weight stocks to touch the session’s low of 25,659.33.
However, a flurry of buying helped in bounce back to close at yet another new high of 25,962.06, a rise of 138.31 points, or 0.54 per cent. It surpassed previous closing peak of 25,841.2 on July 2.
Yesterday, it had fallen by 17.46 points. For the week, Sensex gained 862.14 points — the first rise in four.
Blaming hoarders for recent spurt in food prices, Finance Minister Arun Jaitley today said there was no need for panic as country has enough food stocks and promised stern action against black marketeers. Allaying fears of the impact of a delayed monsoon on prices, he said “monsoon has just started, it is a late start and it is too early to create any panic”.
The NSE’s 50-issue Nifty today climbed 36.80 points, or 0.48 per cent, to close at a new record high of 7,751.60, breaching previous oeak closing of 7,725.15 reached on July 2. Intra-day, it touched a new life-time high of 7,758.00.
Oil and gas sector stocks, led by RIL and ONGC, attracted brisk buying support after reports that the Oil Ministry is likely to move the Cabinet Committee on Political Affairs (CCPA) soon with an expert panel recommendations of raising kerosene and cooking gas (LPG) rates.
Brokers said the sentiment remained upbeat on continued foreign fund inflows ahead of the first Budget of the Narendra Modi-led government.
With the indices hitting record highs, smallcap and midcap stocks were also seen back in demand.
Meanwhile, Foreign Institutional Investors bought shares worth a net Rs 950.82 crore yesterday.