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Sensex, Nifty gain strength, bring up fresh life highs

Press Trust of India  |  Mumbai 

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

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


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

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

It had rallied 386.45 points in the previous two sessions.

The 50-share ended up 30.05 points, or 0.31 per cent, 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.

"Market started positively, but consolidated near its peak as investors took a wait and watch approach ahead of 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 per cent to hit a fresh nine-year high after its subsidiary Reliance Jio yesterday unveiled new tariff plans.

HUL led the gainers list in the heatmap by surging 2.04 per cent. ONGC was up 1.59 per cent 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, fell 1.29 per cent 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 per cent while Japan's Nikkei fell 0.48 per cent. Shanghai Composite shed 0.17 per cent.

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, and gas gained the most by rising 1.54 per cent, followed by PSU, and power.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 12 2017. 16:42 IST
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