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Our Bureau

Mumbai, July 3 Banks and capital goods stocks fuelled the broad-based rally in the equity market on Tuesday.

The BSE benchmark index reached a record high for the second day in a row on the back of strong global cues.

The index touched an intra-day high of 14,828.39 before closing at 14,806.51, up 142.25 points or 0.97 per cent.

Market sources attributed the rise to strong cues from the global markets as well as increased interest due to the markets touching a new high on Monday.

The capital goods index gained 0.87 per cent to close at 12,536.91, while the banking index gained 1.88 per cent to end at 8,140.70.

“Investors had been sceptical about the markets because they were not sure whether the markets would reach a new high,” said Mr Vijay Kedia, Managing Director of Kedia Securities.

“However, yesterday the markets did touch a new high and this led to more investing.”

Bharti Airtel (3.49 per cent), SBI (3.37 per cent) and Grasim (3.21 per cent) were the top Sensex gainers for the day.

The market breadth was positive with 1,440 advances and 1,200 declines. The volumes on the BSE were good, with a total turnover of Rs 4,947.60 crore.

According to provisional data available on the NSE, FIIs were net buyers at Rs 445.41 crore.

“The outlook is bullish. I feel that the market is going to rise to 15,000-16,000 levels by the month-end,” said Mr Kedia.

“For the next few days, we will not rule out a 200-300 point correction,” said Ms Shahina Mukadam, Head (Research), IDBI Capital Markets.

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Sensex hits 14,745, a new high
Sensex, Nifty may touch new peaks
BSE Capital Goods index hits all-time high

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