Markets soar for 7th day; Nifty hits record high of 7,809.20
Stock Markets logged their seventh winning streak Wednesday on select buying in key heavy weights, specifically in IT counters, which lifted the benchmark indices to a record closing high.
Investor sentiment was mainly aided by steady FII inflows along with positive global markets in the backdrop of easing of Ukraine tensions.
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.
The benchmark Sensex also 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.
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.
The rally was also supported by modest buying in banking, FMCG, auto and pharma counters, while metal and infra and the broader-markets with shares of mid-cap and small-caps succumbed to profit-booking.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore yesterday, as per the provisional data from stock exchanges.
Asian stocks closed firm following positive economic data from the US.
Major gainers on NSE were Infosys 3.58 percent, BPCL 3 percent, Hindalco 2.92 percent, Bank of Baroda 2.60 percent and Wipro 2.17 percent.
However, notable losers were Ambuja Cements 3.25 percent, UltraCemCo 2.73 percent, ACC 2.36 percent, IDFC 2.08 percent and KotakBank 1.73 percent.
Turnover in the cash segment rose to Rs 16,186.88 crore from Rs 15,822.10 crore yesterday. A total of 8,638.44 lakh shares changed hands in 69,83,291 trades, while total market capitalisation stood at Rs 89,33,806 crore. (PTI)