Sensex pauses after dream run, but still at record closing high

The BSE Sensex edged up on Tuesday to its latest record closing high, managing a fourth consecutive session of gains as domestic-oriented stocks such as Sesa Sterlite continued to rise on hopes tied to the incoming government led by Narendra Modi. In a sign that the rally may be sustainable, midcaps such as property developer Unitech are also surging, joining the strong gains by domestic-focused companies. On Tuesday IT outsourcers such as Infosys, which had tumbled badly because of a stronger rupee, also recovered. The benchmark BSE Sensex rose 0.06 per cent, or 13.83 points, to a record closing high of 24,376.88, although the index remains below the all-time high hit on Friday. The broader Nifty rose 0.16 per cent, or 11.95 points, to end at a record closing high of 7,275.50.