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Sensex soars to record high on earnings cheer; Nifty reclaims 11k-mark

Press Trust of India  |  Mumbai 

Benchmark Sensex defied gravity for the fifth straight session to close at a fresh lifetime high today as investors poured money into and financial shares amid a robust start to the earnings season.

The 30-share Sensex surged 282.48 points to end at 36,548.41, while the broader reclaimed the crucial 11,000-level with a 75-point leap.

spurted 4.42 per cent to hit its all-time closing high, re-entering the USD 100 billion market cap club. The stocks was the session's biggest gainer on the Sensex.

An appreciating rupee, sustained buying by domestic and foreign institutional investors and an encouraging start to the earnings season spurred buying momentum, brokers said.

The 30-share barometer, after opening on a strong footing, gathered momentum to touch an all-time intra-day high of 36,699.53.

However, it shed some ground on profit-booking, before finally finishing at 36,548.41, up by 282.48 points, or 0.78 per cent -- surpassing its previous record closing of 36,283.25 hit on January 29.

The gauge has now gained 973.86 points in five sessions.

The broader index touched a high of 11,078.30 before ending at 11,023.20, up 74.90 or 0.68 per cent. This is its highest closing since January 31, when it had ended at 11,027.70.

Meanwhile, foreign funds bought shares worth a net of Rs 636.27 crore, while domestic institutional investors (DIIs) made purchases worth Rs 15.33 crore on yesterday, provisional data showed.

"Market maintained its upward streak in expectation of earnings growth and decline in Besides, the prospects of trade talks between the US and influenced global peers to rebound after the recent sell off.

"Oil price declined to recent low while rupee appreciated easing the concern of an expected rise in June CPI inflation to 5.29 per cent," said Vinod Nair, Head of Research,

Shares of companies and airlines jumped after posted their biggest one-day drop in two years.

Corp surged 2.61 per cent, 1.53 per cent and gained 1.10 per cent.

rose by 4.70 per cent and gained 1.80 per cent.

Other gainers on the Sensex included 2.44 per cent, 1.94 per cent, 1.74 per cent, SBI 1.49 per cent, HUL 1.46 per cent, 1.32 per cent, 1.07 per cent and 0.93 per cent, among others.

On the other hand, Vedanta declined 3.05 per cent, 1.95 per cent, 1.66 per cent, M&M 1.40 per cent, 1.20 per cent, Adani Ports 1.04 per cent, 0.50 per cent, 0.48 per cent, 0.44 per cent, TCS 0.43 per cent and Power Grid 0.30 per cent.

Among sectoral indices, gained the most by rising 3.07 per cent, followed by 1.60 per cent, bankex 0.92 per cent, capital goods 0.69 per cent, PSU 0.40 per cent, FMCG 0.35 per cent and 0.17 per cent.

Realty lost the most at 1.14 per cent, auto 0.77 per cent, teck 0.67 per cent, IT 0.58 per cent, 0.52 per cent, power 0.39 per cent, infrastructure 0.11 per cent and consumer durables 0.09 per cent.

Broader markets showed a weak trend, with the mid-cap index falling 0.52 per cent and small-caps losing 0.06 per cent.

In global markets, Asian stocks and commodities recovered, even as global trade headwinds remain.

Shanghai Composite Index rose 2.16 per cent, Hong Kong's Hang Seng gained 0.60 per cent, while Japan's Nikkei closed 1.17 per cent higher.

In the Eurozone, Frankfurt's DAX rose 0.58 per cent and Paris CAC gained 0.65 per cent in their late morning deals. London's FTSE too gained 0.73 per cent.

US stocks, however, fell yesterday amid renewed tensions over global trade and geopolitics. The US Dow Jones Industrial Average ended 0.88 per cent lower.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 17:40 IST