Sensex hits 25K again but ends flat ahead of Modi swearing-in

For the second time in its history, the Sensex breached 25,000-mark but failed to hold above that level on heavy profit-booking and closed with a marginal rise today ahead of swearing-in of Narendra Modi as Prime Minister.
The 30-share BSE index surged 482 points to hit day's high of 25,175.22 boosted by power, PSU, capital goods, auto and realty stocks. In previous two days, it gained 395 points.
However, the momentum fizzled out in last hour and the Sensex briefly slipped into negative zone to touch a low of 24,433.90. It recovered marginally to end 23.53 points, or 0.10 per cent, higher at 24,716.88, surpassing its record close of 24,693.35 on Friday. Intra-day, it swung 741 points.

In three straight sessions, Sensex has risen 418 points.
On the day of vote counting, Sensex had hit life-time high of 25,375.63 but did not close above the key 25K mark.
Meanwhile, the broad-based NSE Nifty, which had rallied over 136 points during the session to a high of 7,504, succumbed to profit-booking and eased by 8.05 points, or 0.11 per cent to end at 7,359.05.

"Markets sheds early gains with strong profit booking seen across the board in midcaps and small caps, high beta sectors like realty, infrastructure, PSU banking and power...FIIs have turned sellers in stock futures since past few days," said Jayant Manglik, President-retail distribution, Religare Securities.

Modi, who will be sworn is as Prime Minister this evening, is likely to head a 45-member Union Council of Ministers including 24 with Cabinet rank.
M&M, L&T, Tata Motors, HDFC Bank, TCS, ITC, Sesa Sterlite, Infosys and Wipro attracted good buying while RIL, SBI, BHEL, NTPC, Tata Power, Gail India, Hindalco, Tata Steel, Maruti Suzuki and Hero MotoCorp suffered losses.
Going ahead, RBI's monetary policy in first week of June and Union Budget from Modi government shall be major triggers for the market, according to Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 416.80 crs on last Friday as per provisional data from the stock exchanges.