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Business News/ Market / Stock-market-news/  Sensex, Nifty close at record highs; Hindalco, Coal India top gainers
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Sensex, Nifty close at record highs; Hindalco, Coal India top gainers

Sensex closed 0.38% higher, marking its all-time closing high of 28,046.66, while Nifty gained 0.38% to end at a record closing high of 8,389.90

The benchmark indices S&P BSE Sensex and CNX Nifty closed at new peaks on Friday, led by gains in metal, realty, oil and gas and auto companies. Photo: Hemant Mishra/MintPremium
The benchmark indices S&P BSE Sensex and CNX Nifty closed at new peaks on Friday, led by gains in metal, realty, oil and gas and auto companies. Photo: Hemant Mishra/Mint

Mumbai: Indian stocks climbed to a record, with the benchmark BSE Sensex completing a fourth week of gains, as metalmakers and energy companies rose amid foreign inflows.

Hindalco Industries Ltd., the country’s second-largest aluminium producer, jumped the most in two weeks, while Sesa Sterlite Ltd., the nation’s biggest copper producer, rose the most in 10 days. Oil & Natural Gas Corp. Ltd (ONGC) climbed for the first time in three days, while Coal India Ltd., the world’s biggest miner of the fuel, was the second-best performer on the index.

The S&P BSE Sensex added 0.4% to 28,046.66 at the close, taking the week’s gain to 0.6%. The measure has risen as global funds bought $1.1 billion of shares this month on optimism easing inflation may prompt the central bank to cut interest rates. The authority has maintained the key rate at 8% after increasing it thrice between September 2013 and January. The next policy review is on 2 December.

“I will be disappointed if the RBI doesn’t cut rates in December as data supports such a move," Nirmal Jain, chairman of IIFL Holdings Ltd., told Bloomberg TV India in Mumbai on Friday.

Wholesale prices rose at the slowest pace since September 2009, data showed on Friday. Consumer-price gains slowed to 5.52% in October, the least since the index was created in 2012, while industrial output rose at the fastest pace in three months, reports showed on 12 November.

Hindalco jumped 3.6%, the best performer on the Sensex. Sesa Sterlite rose 2%, the most since 3 November.

ONGC increased 1.9%, while Gail (India) Ltd., the largest natural-gas supplier, jumped 2.8%, the most since 31 October. Coal India Ltd. rallied 2.7%, extending a two-day advance.

Earnings Scorecard

Bharat Heavy Electricals Ltd. (BHEL) fell 0.8%, ending two days of gains, after quarterly profit dropped to Rs125 crore. That trailed the Rs399 crore median of estimates in a Bloomberg survey.

State Bank of India rallied to a 3 1/2-year high as the lender’s gross bad-loan ratio remained little changed from the end of June at 4.9% even as second-quarter profit missed analysts’ estimates.

Tata Motors Ltd. declined 0.5% before results. The nation’s biggest automaker posted profit that missed analyst estimates as sales growth at its Jaguar Land Rover unit slowed. Earnings were announced after trading ended.

Nineteen of 28 Sensex members that have posted results so far have beaten or matched estimates.

Global investors bought a net $111 million of local shares on 13 November, extending this year’s inflow to $15.3 billion, the most among eight Asian markets tracked by Bloomberg. The Sensex has risen 32% this year, the best performer among the world’s 30 biggest markets. Bloomberg

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Published: 14 Nov 2014, 10:07 AM IST
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