Sensex scales new peak of 25,664 points

The Indian stock markets' key indices Sensex and Nifty scaled new peaks Monday after the new government promised investor-friendly reforms and measures to revive economic growth.

The 30-scrip S&P Sensex (sensitive index) of the Bombay Stock Exchange (BSE), which opened in the positive at 25,543.60 points, ended the day at 25,580.21 points, up 0.72 percent or 183.75 points from its previous close at 25,396.46 points.

The index touched a high of 25,644.77 points in the intra-day. This is the highest closing as well as the intra-day peak of the Sensex.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) also rose to a record high. The Nifty touched a record peak of 7,673.70 points in the intra-day before closing at 7,654.60 points, up 71.20 points or 0.94 percent higher from its previous close. This is also the highest closing level of the Nifty.

The government's assurance that it will push forward the economic reforms agenda boosted the confidence in the markets.

Outlining the new government's agenda, President Pranab Mukherjee said the government led by Prime Minister Narendra Modi will create a policy environment which is "predictable, transparent and fair".

"It will embark on rationalisation and simplification of the tax regime to make it non-adversarial and conducive to investment, enterprise and growth," Mukherjee said, addressing the joint session of both houses of parliament.

A strong rally was witnessed in realty, power, capital goods, metal and consumer durables stocks.

The BSE realty index surged 5.61 percent. Capital goods index jumped 2.33 percent. Power index rose 2.15 percent; metal index advanced 1.73 percent, and consumer durables index rose 1.82 percent.

Coal India surged 5.22 percent at Rs.411.40. Bajaj Auto, up 5.98 percent at Rs.2,158; L&T, up 3.51 percent at Rs.1,748; Tata Power, up 2.53 percent at Rs.113.60; Tata Steel, up 2.49 percent at Rs.574.20; and Gail India, up 2.30 percent at Rs.430 were among the prominent Sensex gainers.

Only 10 of the 30 Sensex scrips closed in the negative. ONGC, down 2.26 percent at Rs.453.50; Hindustan Unilever, down 1.24 percent at Rs.630.50; SBI, down 1.18 percent at Rs.2700; Axis Bank, down 0.71 percent at Rs.1960; Infosys, down 0.66 percent at Rs.2,980 were among the major Sensex losers.