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Sensex, Nifty at record closing high as mkts rise for 7th day

By PTI
23 July, 2014

The benchmark Sensex on Wednesday rose 121 points to end at a new closing high of 26,147.33 extending its winning run to seventh session, its longest since September 2012, boosted by gains in IT and banking shares on upbeat earnings, robust capital inflows and positive global cues.

The NSE Nifty rose 27.90 points, or 0.36 per cent, to end at yet another record close of 7,795.75, crossing its previous peak of 7,787.15 (July 7). It also hit new intra-day peak of 7,809.20, surpassing level of 7,808.85 hit on July 8.

IT stocks firmed up on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. Good results by major IT firms also boosted the sentiment.

Country’s second largest software services exporter, Infosys, was the top Sensex gainer with a rise of 3.46 per cent and contributed over 60 points to the surge. TCS attained its record market valuation of Rs 5 lakh crore helped by over 2 per cent spike in stock value. Wipro shares also rose.

In banking, ICICI Bank and SBI witnessed good buying.

Total market breadth, however, was negative following selling in second-line stocks by retail investors.

“Markets kissed new highs as firmness in Asian and European stocks after better-than-expected data in the US boosted sentiments. On domestic front, consistent FII inflows and healthy earnings also helped,” said Jayant Manglik, President-retail distribution, Religare Securities.

Traders said sustained capital inflows kept the market tempo strong as Foreign Institutional Investors (FIIs) injected Rs 412.03 crore on Tuesday as per provisional data.

The BSE 30-share gauge resumed higher and moved in a range of almost 190 points before settling at new peak of 26,147.33, a rise of 121.53 points or 0.47 per cent. Its highest level at close was 26,100.08 hit on July 7. Sensex , however, failed to cross previous all-time high of 26,190.44 recorded on July 8, 2014 as it touched 26,188.64 intra-day.

In straight seven sessions, the Sensex has now garnered 1,140.35 points or 4.56 per cent. This is its longest winning run since September 2012.

Asian stocks closed mixed with upward bias. Indices in China, Hong Kong, Singapore and Taiwan closed higher while from Japan and South Korea ended slightly lower.

European markets, however, trading better in their late morning deals. France’s CAC was up by 0.42 per cent, Germany’s DAX by 0.36 per cent and the UK’s FTSE by 0.19 per cent.


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Sensex, Nifty at record closing high as mkts rise for 7th day

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