Stocks at new highs on upbeat global cues; Nifty ends above 11,700

Stocks ended at record highs for the second day in a row today on fresh foreign fund inflows and unabated buying by domestic investors in bluechips led by Reliance Industries, HDFC, HDFC Bank and Maruti Suzuki.

The BSE Sensex rose by 202.52 points or 0.52 per cent to close at a fresh record high of 38,896.63 while the broader NSE Nifty advanced 46.55 points or 0.40 per cent to close above the 11,700 mark for the first time at 11,738.50 -- its all-time closing high too.

Covering-up of short positions by participants ahead of August month expiry in the derivatives segment on Thursday too supported the bull-run.

Trading sentiment remained bullish largely in tandem with a firm trend at other Asian bourses as investors cheered news of a trade deal between the US and Mexico.

Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.

The 30-share Sensex, after opening on a strong footing, continued its upward march to hit an all-time high of 38,938.91, breaking its previous intra-day record high of 38,736.88 touched in yesterday's trade.

The NSE Nifty also hit a record intra-day high of 11,760.20, surpassing its previous record of 11,700.95.

Positive global cues, strong liquidity in the market following fresh foreign fund inflows and widening of bets by investors ahead of April-June quarter GDP data on Friday drove markets to record highs for the second straight session, brokers said.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 252.52 crore, while domestic institutional investors (DIIs) made purchases worth Rs 1,117.24 crore in the previous session, according to provisional exchange data.