Markets continued their winning streak for the fifth straight session, amid firm European cues, to end at fresh record closing highs after Prime Minister Narendra Modi announced a scheme for financial inclusion while easing whole-sale price inflation also boosted sentiment.
Further, renewed buying interest from foreign funds helped support the market.
The 30-share Sensex closed at a record high of 26,391 and the Nifty gained 83 points to close at a high of 7,874.
ICICI Bank, ONGC and Tata Motors contributed to nearly 50% gain seen on the Nifty.
Earlier, on July 24, 2014, the 30-share Sensex had ended at record closing high of 26,272 up 125 points and the 50-share Nifty had ended at 7,831 up by 35 points.
Broader markets were no different. The mid and smallcap indices powered in late trades with the respective trades up 2% each.
Prime Minister Narendra Modi in his maiden Independence Day speech announced a new financial scheme to help the poor open bank accounts.
Under the 'Pradhan Mantri Jan Dhan Yojana' scheme, the person who will open bank account will get a debit card and the family will get Rs 1 lakh insurance cover to tide over any unforeseen eventuality.
Whole-sale price inflation dipped to a five month low of 5.19%
Foreign Institutional Investors were net buyers in equities to the tune of Rs 1,714 crore in the previous three sessions, as per provisional data on the stock exchange.
Sectors & Stocks
The rally was visible across the sectors barring defensive pockets like IT and FMCG.
Oil & Gas lead the sectoral rally with gains of over 2.5% followed by Bankex and Capital Goods up 2.3% each.
Health Care, Auto, Consumer Durables, Metal, Power and Realty indices gained 1-1.7%.
Defensives IT and FMCG indices slipped 0.4% each.
ITC, Infosys, HDFC and TCS down 0.4-1.7% were the only scrips in red among Sensex-30.
Tata Motors, Hindustan Unilever, BPCL, Sun Pharma, Cipla and Maruti Suzuki from the 50-share Nifty index touched their respective lifetime highs on strong buying by overseas and domestic institutional investors.
ONGC, Cipla, Axis Bank, BHEL, Tata Motors and ICIC Bank up 3.5-5.3% were the top gainers in today’s trade.
Bharti Airtel, SBI, L&T, Hindalco and Coal India up 2-2.5% were the other notable movers.
The market breadth was positive on BSE. 1,930 stocks advanced while 1,002 stocks declined.