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Sensex hits fresh highs; IT stocks lead


By Krishna V Kurup

- Indian touched record high levels on Monday with IT stocks such as and Ltd leading the gains, while firm Asian on strong economic growth in boosted investor sentiment.

Asian set a fresh two-year high, boosted by stronger-than-expected economic growth in and bets that lacklustre U.S. data will keep the Federal Reserve cautious about the pace of further policy tightening.

MSCI's broadest index of Asia-Pacific outside Japan extended earlier gains to climb 0.26 percent by 0630 GMT.

The broader NSE hit a life high, rising as much as 0.34 percent to 9,920.30, while the BSE gained as much as 0.35 percent to 32,131.92, a record level.

"Foreign investors are continuously buying into selected index heavyweight stocks, resulting in the upmove in the market," says Deven Choksey, promoter, K R Choksey Investment Managers.

Both the and the posted their best weekly gain last week, since the week ending March 17, 2017.

IT index was up 1.2 percent. Ltd rose 1.4 percent while Ltd gained 3.2 percent after the software service provider said on Friday that it would consider a buyback proposal.

Meanwhile, Fortis Healthcare Ltd and Religare Enterprises Ltd fell as much as 12.8 percent and 8.9 percent, respectively after Ratings and Research downgraded some non-convertible debentures (NCDs) and loans held by RHC Holding Pvt Ltd, which owns in Fortis and Religare, to default levels of "IND D" and "IND C".

(Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 12:59 IST