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Sensex ends above 31,800, Nifty over 9,800 for first time ever; ONGC up 2%

Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1%

Pranati Deva  |  New Delhi 

Stock markets
Stock markets

Benchmark indexes ended marginally higher but eked out to record closing highs on Wednesday with Nifty50 ending above the 9,800 mark for the first time ever led by oil & gas and energy stocks, which rose on the back of higher crude prices. Gains were however capped as investors remained on edge ahead of the June CPI data.
June CPI is expected to have cooled to a record low of 1.7%, according to a Reuters poll, easing further from May's 2.18%. A lower inflation for the month of June will intensify the pressure on RBI to cut rates in the next monetary policy review meet.

S&P BSE ended at new closing high of at 31,804, up 57 points for the day. Nifty50, on the other hand, also achieved new milestone, setting at new high of 9,816, up 30 points.
Broader market outperformed the benchmark indices with S&P BSE gaining over 1% and S&P BSE up 0.6%.
are also keeping an eye on corporate earnings including from TCS on Thursday and Infosys on Friday, kicking off the earnings season for the June quarter.

"traded range bound but finally settled with decent gains, thanks to buying in select index majors. It opened with an uptick and remained range bound thereafter, indicating caution ahead of the macroeconomic data viz. IIP and CPI inflation. However, there was no shortage of trading opportunities on stock specific front and participants remained busy till the end," said Jayant Manglik, President, Retail Distribution, Securities.

Adding: "will react to the macroeconomic data in early trade tomorrow and then focus would return to the TCS's result. We reiterate our bullish view on and suggest maintaining buy on dips approach. Also, be selective now and prefer hedged positions."
Buzzing Stocks
ONGC, HUL, ICICI Bank and SBI contributed the most to BSE while TCS, M&M, ITC and HeroMoto Corp shed the most on the index.
Reliance Industries gained 1% while state-run Oil and Natural Gas Corporation rose as much as 3.5% after oil prices rose more than 1%, extending gains for second day as the US government cut its crude production outlook for next year and as fuel inventories plunged.
Shares of surged 14% ahead of the USFDA meet to discuss its breast cancer drug filing.
remainedflat even after its UK arm signed a definitive sale agreement to sell two of its pipe mills in Hartlepool to Liberty House Group.
Among other gainers, rose after India's apex court clarified that the ban on sale of alcohol within 500 metres of any state or national highways will not cover roads within city limits. Som Distilleries, Globus Spirit and Tilaknagar Industries gained between 1% - 13%.
Global Markets
Asian shares were mixed on Wednesday as investors eyed US political risks and cues about the direction of monetary policy from the Federal Reserve chair.
While the Federal Reserve chair is expected to say that the Fed remains on a hawkish course of steadily rising rates, any signals on how the bank is viewing a retreat in inflation and muted wage growth will be closely watched.
European shares rose 0.5% with all major sectors in the green.
Japan's Nikkei 225 fell 0.6% and South Korea's Kospi lost 0.2% while Hong Kong's Hang Seng index surged 0.8%.
China's Shanghai Composite Index also slipped 0.2% and Australia's S&P/ASX 200 shed 0.8% in Southeast Asia were mixed.

First Published: Wed, July 12 2017. 15:38 IST