Stocks on Wednesday ended 2014 on a positive and cheerful note with the Sensex on Wednesday rising nearly 96 points to 27,499.42 and the Nifty climbing over 34 points to 8,282.70, helping the Indian markets notch up their best annual gain in five years.
The new Government's reform initiatives, robust foreign fund flows and a wave of optimism over growth prospects pushed up share values in 2014, making investors richer by a whopping Rs28 lakh crore. The benchmark S&P BSE Sensex today rallied for the fourth sraight session to end at almost one-week highs. The market saw mostly across-the-board buying as 11 out of 12 sectoral indices closed with gains. Power, realty, consumer durables, pharma and oil & gas shares good activity.
However, the BSE Auto index closed in the red on selling in some stocks as excise duty incentives for the sector would not be extended beyond December 31. The 30-share Sensex resumed today a tad lower but recovered immediately. It remained in positive terrain throughout the session to settle at 27,499.42, a rise of 95.88 points or 0.35 per cent. In straight four sessions, it has spurted by 290.81 points or 1.07 per cent. For the year as a whole, the Sensex registered 6,328.74 points or 29.89 per cent its best gain since 2009.
"Our market remains the hot investment option. And this growth is expected to continue as cyclical, rate-sensitive and investment-oriented stocks find flavour with investors," said Kamlesh Rao, CEO, Kotak Securities. Meanwhile, Indian rupee on Wednesday appreciated by 35 paise to end at two-week high of 63.03 against the greenback tracking firm equities and sustained dollar selling by exporters, but lost ground on an annual basis for the fourth year in a row.
The rupee depreciated by 123 paise or 1.99 per cent, in calendar year 2014. It had closed at 61.80 against dollar in 2013. The rupee had depreciated by over 11 per cent in 2013 and by more than 18 per cent in 2011. The decline was about 3 per cent in 2012. The currency had risen against dollar in 2010. At the Interbank Foreign Exchange (Forex) market today, the domestic unit commenced better at 63.31 a dollar from previous close of 63.38, and logged the session's low of 63.38 on initial weakness in local stocks.