Post Session- Sensex ends at fresh high on firm Asian cues 19/08/2014

Post Session- Sensex ends at fresh high on firm Asian cues
19/08/2014 16:30
The key domestic benchmarks closed at a record high for the second day on the trot as the Sensex advanced for a sixth straight session led by gains in Auto and Realty stocks. A stronger rupee, softening crude oil prices and robust buying by foreign investors amid strong earnings from blue chips boosted Dalal Street. Prime Minister Narendra Modi’s Independence Day speech where he stressed on the need to boost exports, focus on manufacturing and skill development to create meaningful employment to millions of Indian youth also bolstered sentiment.

Asian stocks rallied as a rise in US homebuilder sentiment to the highest level in seven months signaled a pickup in the world’s biggest economy, boosting the appetite for risky assets. The gauge measuring US homebuilder sentiment climbed to 55 in August from 53 in the previous month. Further, geopolitical concerns eased as Israel and Palestinian militants agreed to extend their five-day truce by one more day while the US helped Kurdish and government forces to retake Iraq’s largest dam from Islamic rebels. In Ukraine, the Red Cross was closely working out details of allowing a safe-passage plan for a Russian aid convoy bound for war-torn eastern Ukraine. China’s Shanghai Composite ended higher, while Hang Seng rose amid hopes that China may accelerate reforms to fasten growth while Japan’s Nikkei 225 rose as a weaker yen boosted the appeal of exporter stocks.

The BSE SENSEX closed at 26,420.67, up by 29.71 points or by 0.11 per cent, and the NSE Nifty ended at 7,897.5, up by 23.25 points or by 0.3 per cent.