 "Sensex sees sharpest single-day gain post Modi win")
The up move comes on the back of the US Federal Reserve’s decision to keep interest rates near zero for a ‘considerable time’. The previous best single-day gain for the 30-share index (S&P BSE Sensex) was 556.77 points, or 2.27%, on May 12, 2014. The CNX Nifty gained 1.75%, or 139.25 points, on Thursday to end at 8,115 levels.
Auto stocks gained ground, with stocks such as Bajaj Auto, Hero MotoCorp and Maruti Suzuki (India) hitting their respective all–time highs during intra-day trade.
More From This Section
Hero MotoCorp rallied nearly 6% to Rs 2,998, extending its previous day’s 2% gain on the BSE, after the company said it would invest approximately Rs 1,600 crore to set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh.
Shares of real estate companies also rallied by up to 13% on reports that the Real Estate (Regulation and Development) Bill, 2013 is likely to come up for consideration in Rajya Sabha in the forthcoming Winter Session.
Unitech, Housing Development and Infrastructure (HDIL), Indiabulls Real Estate, DLF, D B Realty and Puravankara Projects have closed higher by between 4-13% on BSE.
“The structural bull run in the Indian equities resumed once again after a brief round of consolidation and correction. Markets came back roaring as the major global hangover in terms of short term sentiment dictator was out of the way. Participants were truly excited by the prospects of huge investments by China in India’s infrastructure, railway & manufacturing projects,” said Devang Mehta, Sr. VP & Head - Equity Advisory, Anand Rathi Financial Services.
“We have been continuously maintaining that one needs to keep the faith and all major dips should be utilized as an opportunity to buy & accumulate good quality stocks,” he adds.