Markets up for the 7th day in a row; Sensex gains 155 pts
The 30-share Sensex of the Bombay Stock Exchange added 155.15 points to close at 19,502.11, a level last seen in January 2008. The key index had had gained 1,126 points in previous six days.
Broader National Stock Exchange index Nifty also rose by 65.40 points to 5,860.95. Reliance Industries, which has the maximum weigh in the Sensex, gained Rs 22.70 to settle at Rs 1,010.45, bolstering the market sentiment.
IT stocks were flavour of the day as Infosys, the second-most heaviest among the Sensex stocks rose by Rs 74.20 to end at Rs 3,050.15 and TCS by Rs 19.45 to Rs 913.60. Both touched their record high levels.
Banking and financial company stocks, which had been on the fore-front in last few sessions, turned cautious ahead of the Reserve Bank's credit policy to be announced tomorrow.
The IT sector index gained the most at 2.49 per cent followed by oil and gas index which was up by 1.85 per cent. Shares of major oil companies, including HPCL and ONGC, advanced to all-time highs, driven by buoyant investor sentiment.
Meanwhile, the broad based NSE Nifty climbed by 65.50 or 1.13% at 5,861.05 with 30 components registering rise.
Heavyweights Infosys, Reliance Industries (RIL) and ONGC supported the rally.
Gold surges to record high of Rs 19,500
Gold continued its record-breaking ascent in the national capital today, surging by Rs 300 to Rs 19,500 per 10 grams, while silver hit an all-time high after gaining Rs 370 to Rs 32,400 per kg.
Bullion dealers said the trading sentiment was bullish, amid hectic buying for the ongoing festive and marriage season.
Gold normally witnesses a pick-up in demand in the last quarter, starting from the Rakshabandhan festival and continuing till Dhanteras, which is the most auspicio us day to buy gold according to Hindu mythology.
In the domestic market, gold of 99.5 per cent and 99.5 per cent purity shot up by Rs 300 each to an all-time high of Rs 19,500 and Rs 19,400 per 10 grams, respectively. Sovereigns followed suit and rose by Rs 200 to a record level of Rs 15,200 per piece of eight grams.
In addition, the rise in prices of the precious metals in international markets also pushed up rates in the domestic market, dealers said. Gold in overseas markets, which normally sets the price trend in the domestic markets, rose to a record high of $1,276.50 an ounce, while silver surged to $20.53 an ounce, its highest level since March, 2008.
At the Multi Commodity Exchange counter, the metal for delivery in December traded higher by Rs 37, or 0.19 per cent, to Rs 19,321 per ten grams, a level never seen before. The contract clocked a business volume of 7,398 lots.
Similarly, the gold for October delivery gained Rs 90, or 0.47 per cent, to Rs 19,285 per ten gram, with a business volume of 16,762 lots. Marketmen said increased buying by speculators in tandem with firming global trend mainly led to a rise in gold prices at futures trade here.
The precious metal in global markets rose by $28 to $1,275.70 an ounce last evening. They said expectations of a rise in demand in spot markets for the ongoing festivals and coming marriage season also supported the uptrend.
Globally, gold was a touch softer, but was seen supported by speculation the US Federal Reserve would soon announce more quantitative easing. Some signs that the US economic recovery would be stalling in recent weeks has triggered talk in financial markets of further easing.
That has hurt the dollar's exchange rate against other major currencies and helped boost gold -- also used as a hedge against inflation, which is often triggered by ultra-loose monetary policy.
Spot gold surged more than two per cent to a record $1,274.75 an ounce in the previous session, its biggest one-day gain in four months.
Silver futures at record high, crosses Rs 32K per kg mark
Silver-ready surged by Rs 370 to Rs 32,400 per kg and weekly-based delivery by Rs 320 to Rs 32,040 per kg, levels never seen before. Similarly, silver coins gained Rs 100 to Rs 35,100 for buying and Rs 35,200 for selling of 100 pieces.
Silver was mainly supported by demand from industrial units and coin-makers, while gold prices were driven by strong demand from jewellers and retail customers for the ongoing marriage season. Demand for silver was also driven by record auto sales in the month of August, as the metal is also used in electrical circuit and battery manufacturing.
At the Multi Commodity Exchange counter, silver for March crossed Rs 32,000-level by adding Rs 178, or 0.55 per cent, to trade at an all-time high of Rs 32,250 per kg, with a business turnover of 1,412 lots.
"Apart from firming trend in global markets, boost in seasonal demand in domestic markets on account of festive and marriage season, also helped silver to hit record highs," said an analyst.
Meanwhile, in Asian region silver in spot trading gained 0.3 per cent to $20.53 an ounce, the best level in two and a half year--March 2008. Similarly, the metal for delivery in December moved up by Rs 175, or 0.54 per cent, to Rs 32,139 per kg, with an open interest of 38,381 lots.
Analysts said firming trend in global markets, which generally determine the precious metal prices, mainly buoyed the trading sentiment. In addition, boost in demand on account of festive and marriage season in the domestic markets also gave a push to rising silver futures prices here, they added.
Source: Agencies
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