Sensex, Nifty set new all-time highs ,Amid Pre-budget Rally …

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BSE Sensex and Nifty rose nearly 1 per cent today to set new all-time highs. Strong global markets, extended weakness in oil prices and expectations of reform measures in the Budget spurred a rally in Indian markets.

Brent crude, extending its decline, lost 12 cents to $112.17 a barrel. Brent crude had hit $115 a barrel last month as Iraq crisis flared up.

Sensex rose over 250 points to an all-time high of 25,777.20, breaching its earlier high of 25731. The 50-share Nifty jumped over 70 points to post a new high of 7,708. Analysts remain positive on Indian markets ahead of the Budget, which will be presented on July 10.

Market analyst Sanjeev Bhasin said, “The pre-budget rally is here and even though oil and weak monsoon will continue to cap upsides, stock-specific action may continue till the budget.” Sharekhan’s Devang Shah expects Nifty to hit 7800-7850 in the near term.

The gains were broad-based with all the sectoral indices on the BSE trading in the green. Strong buying was seen in banking, metal and oil & gas stocks.

Metal stocks Sesa Sterlite, NMDC, JSPL and Tata Steel were up between 1.5 per cent and 2.7 per cent. Among the banks, Bank of Baroda, Kotak Mahindra Bank and ICICI Bank rose over 1 per cent. Oil & gas heavyweights ONGC and Reliance Industries advanced nearly 0.8 per cent.

In other global markets, Asian stocks were at a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.9 per cent to 498.09, territory not visited since May 2011. Japan’s Nikkei added 0.5 per cent and notched up its loftiest level in more than five months.

Overnight, on the Wall Street, the Dow and S&P 500 had both scored record closing highs, as did the MSCI world equity index. The Dow gained 0.77 per cent and the S&P 500 0.67 per cent, while the Nasdaq put on 1.14 per cent.

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