Sensex, Nifty gain strength, bring up fresh life highs

Mumbai: Stocks set a record again as the Sensex today went higher by 58 points to 31,805 and the Nifty closed above the 9,800 mark ahead of key macroeconomic data, lifted by banking, oil and gas and auto stocks.

Oil marketing companies soared on the back of higher crude oil prices. But investors were guarded ahead of release of index of industrial production (IIP) for May and consumer price (CPI) inflation for June post market hours today.

The next triggers are a set of corporate quarterly earnings, which is going to kick off tomorrow with TCS.

The BSE barometer closed at a new closing high of 31,804.82, up 57.73 points, or 0.18 percent, as fag-end buying in heavyweights emerged.

It had rallied 386.45 points in the previous two sessions.

The 50-share Nifty ended up 30.05 points, or 0.31 percent, at a new closing peak of 9,816.10. During the session, it shuttled between 9,824.95 and 9,787.70.

Its previous closing high was 9,786.05 hit yesterday.

Reuters

Reuters

"Market started positively, but consolidated near its peak as investors took a wait and watch approach ahead of CPI and IIP data today. Quarterly results and their impact to the current high valuation will be eagerly watched," said Vinod Nair, Head of Research, Geojit Financial Services.

Reliance Industries, the biggest company by market capitalisation, rallied 1.02 percent to hit a fresh nine-year high after its subsidiary Reliance Jio yesterday unveiled new tariff plans.

HUL led the gainers list in the Sensex heatmap by surging 2.04 percent. ONGC was up 1.59 percent on reports that the proposed ONGC-HPCL deal will be completed by the end of 2017-18.

Other contributers were ICICI Bank, SBI, Tata Motors, PowerGrid and NTPC.

However, the largest IT exporter, TCS fell 1.29 percent ahead of its earnings, to be released tomorrow.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 182.05 crore while domestic institutional investors (DIIs) net purchased Rs 335.75 crore yesterday, as per provisional data.

Stocks of liquor companies were back in demand after a favourable Supreme Court order yesterday.

Hong Kong's Hang Seng rose 0.64 percent while Japan's Nikkei fell 0.48 percent. Shanghai Composite shed 0.17 percent.

In the euro zone, shares were higher as investors looked forward to the earnings report and monitored the latest political developments in the US.

Among sectoral indices, BSE oil and gas gained the most by rising 1.54 percent, followed by PSU, banking and power.

In sync with the overall trend, broader markets showed firmness.


Published Date: Jul 12, 2017 05:18 pm | Updated Date: Jul 12, 2017 05:18 pm