Nifty rises to new closing peak, Sensex recovers 76 pts

After a day's breather, domestic stock markets resumed their upward move with NSE index Nifty logging a new closing peak and the BSE Sensex rebounding 76 points today to end near its record-high levels on good buying in consumer durable, realty and power shares.
Firm global cues also gave support even as sentiment was slightly weak after FIIs were net sellers to the tune of Rs 266.22 crore yesterday as per provisional data, traders said.
However, retail investors continued to purchase second-line stocks. As a result, S&P BSE-Midcap and Smallcap indices rose 2.11 per cent and 2.31 per cent respectively, outshining the blue-chip Sensex.

"It seems that participants are utilising this prevailing consolidation phase as an entry opportunity especially those who were fence sitter during the election period," said Jayant Manglik, President-retail distribution, Religare Securities.
Buying was mainly seen across-the-board as 10 out of 12 S&P BSE sectoral indices closed with gains while only teck and IT finished in the red.
Tracking a rally in Asian stocks following firm closing on Wall Street yesterday, the BSE 30-share barometer resumed strong. It improved further to a high of 24,524.76 and remained in positive territory throughout the day. It settled at 24,374.40, a rise of 76.38 points or 0.31 per cent.

Yesterday, it had closed down by 78.86 points or 0.32 per cent. It record closing high of 24,376.88 was hit on May 20.

Meanwhile, the NSE 50-issue CNX Nifty rose 23.50 points, or 0.32 per cent, to register a new closing peak of 7,276.40. It surpassed its previous peak of 7,275.50. Yesterday, Nifty fell by 22.60 points.
Smart rise was seen in RIL, SBI, TCS, NTPC, ITC, ICICI Bank, Maruti Suzuki, Sesa Sterlite, Coal India, Axis Bank, Gail India, Tata Power, Tata Steel and Bajaj Auto scrips.
HDFC, Infosys, Tata Motors, HDFC Bank, ONGC, Bharti Airtel, Wipro and Hindalco shares witnessed profit-booking.

Globally, the Chinese stock market closed with small losses even though the manufacturing PMI rose to five-month high of 49.7 in May, from final reading of 48.1 in April, according to the preliminary reading from HSBC.