Sensex, Nifty smash records as FIIs lift stocks for 8th day

Extending the winning run to eighth straight day, Sensex today ended at a new peak of 26,271.85 and Nifty scaled 7,800 mark for the first time at close as FIIs continued to pour in money enthused by steps to attract overseas investment and encouraging corporate earnings.
Besides, positive cues from Asia after strong Chinese manufacturing data kept the sentiment on a firm footing although indices showed signs of profit-booking early on.
Metal, IT and FMCG counters were in demand while some of the consumer durable, pharma and power stocks saw investors taking some profit off the table, said traders.
Sensex-based shares like ITC, Infosys, RIL, HDFC Bank, Tata Steel, HUL, Hindalco and Wipro notched up handsome gains and kept the momentum on the positive side.

The benchmark BSE S&P 30-share Sensex moved in a narrow range and mostly in negative terrain till afternoon, but buying in the last session pushed up the Sensex by 124.52, or 0.48 per cent, to end at 26,271.85. It also recorded intra-day high of 26,292.66. Both intra-day high and closing level values surpassed their previous peaks.
In eight days, its longest winning streak since September 2012, the gauge has now rallied 1,265 points. The Sensex has increased 24 per cent this year so far, the best among major global markets, as FIIs have pumped USD 12 billion in shares.

Similarly, the 50-issue CNX Nifty of the NSE improved by 34.85 points, or 0.45 per cent, to end above 7,800-mark for the first time in the history at 7,830.60. It registered new intra-trade peak of 7,835.65. In eight days, Nifty has rallied 376.45 points.

The Cabinet today gave go-ahead to FDI cap hike in insurance to 49 per cent, paving way for inflow of as much as Rs 25,000 crore foreign funds. Yesterday, the FII limit for investment in government securities was hiked by USD 5 billion within the total cap of USD 30 billion.
Besides, the government may soon take a decision on easing FDI in Railways and Defence sectors.
Foreign Portfolio Investors bought shares worth a net Rs 652.40 crore yesterday as per provisional data from the stock exchanges.