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

24/07/2014

Mumbai: 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 percent, 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 percent and contributed over 60 points to the surge. TCS attained its record market valuation of Rs 5 lakh crore helped by over 2 percent 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 yesterday 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 percent. 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 percent, Germany's DAX by 0.36 percent and the UK's FTSE by 0.19 percent. Shares of Jet Airways, which suffered a loss of Rs 4,130 crore in 2013-14, rose over 3 percent after the firm said it aims to turn profitable in the next three years. In other market activity, JSW Energy scrip rose after reporting earnings. KPIT Technologies slumped over 11 per cent after results.
In the BSE Sensex, 17 scrips ended higher while 13 others closed lower. Besides TCS, Infosys and Wipro, other gainers included Hindalco 2.58 percent, M&M 1.58 percent, ICICI Bank 1.52 percent, Bajaj Auto 1.48 percent, Hero MotoCorp 1.27 percent and SBI 0.65 percent.
Tata Steel fell by 1.27 per cent and Tata Power 1.25 percent, leading the Sensex laggards.
Among the S&P BSE sectoral indices, IT rose by 2.24 percent and Teck 1.74 percent.
"Selective buying in index heavyweights and particularly IT sector maintained buying momentum on the bourses," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Market breadth remained negative as 1,649 stocks ended in red, 1,318 stocks finished in green while 98 ruled steady.
Total turnover declined slightly to Rs 3,029.20 crore from Rs 3,029.89 crore yesterday.

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