Sensex, Nifty hit life-time closing highs; oil and gas stocks lead

Mumbai: The benchmark Sensex on July 4 jumped over 138 points to end at new closing peak of 25,962.06, led by oil & gas shares, on buying by overseas investors on hopes of continued economic reforms and a growth-oriented Budget. The 30-share Sensex was supported by gains in Reliance Industries and HDFC Bank shares, traders said, adding that receding fears of the impact of a delayed monsoon on prices and strong global cues after upbeat US data and easing oil prices boosted market sentiments.

The BSE benchmark opened higher at 25,844.80 and firmed up further to a high of 25,981.51, It settled at new closing high of 25,962.06 -- a gain of 138.31 points or 0.54 per cent. It surpassed previous closing peak of 25,841.2 (July 2). For the week, Sensex gained 862.14 points -- first rise in four. Oil and gas sector stocks attracted brisk buying support after reports that Oil Ministry is likely to move the Cabinet Committee on Political Affairs soon with an expert panel recommendations of raising kerosene and cooking gas rates.

The NSE 50-share Nifty also moved up 36.80 points, or 0.48 per cent, to end at its all-time closing high of 7,751.60 after hitting 7,758.00. It previous closing peak of 7,725.15 was also reached on July 2. Blaming hoarders for recent spurt in food prices, Finance Minister Arun Jaitley today said there was no need for panic as country has enough food stocks and promised stern action against black marketeers. Allaying fears of the impact of a delayed monsoon on prices, he also said "monsoon has just started, it is a late start and it is too early to create any panic".

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 950.82 crore on July 3, indicating their bullishness. US stocks rose yesterday with the Dow Jones Industrial Average hitting 17,000 for the first time and the S&P 500 index also scaling records after June jobs report. Most Asian stocks ended higher today as US jobs growth bolstered the outlook for the world's largest economy. Key benchmark indices in Hong Kong and Japan moved up by 0.06-0.58 per cent while indices in China, Singapore, South Korea and Taiwan moved down by 0.03-0.19 per cent.