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Sensex hits record high; energy shares, banks lead

Reuters 

By Krishna V Kurup

(Reuters) - India's benchmark index touched an all-time high on Thursday, driven by gains in financial stocks such as and including as optimism around corporate earnings and stronger Asian shares boosted sentiment.

The broader rose 0.96 percent to 11053.30 as of 0604 GMT while the benchmark Sensex was 0.93 percent higher at 36,605. The index touched 36,612.60 in early trade, a record high, while the index rose 1 percent to an over 5-month high of 11,060.55.

Meanwhile, investors are awaiting May industrial growth (IIP) data and June (CPI) data due later in the day.

Asian shares edged higher, with MSCI's broadest index of shares outside gaining 0.6 percent.

"Overall, market seems to be trending upwards with faring well," said Sudhakar Pattabiraman, at William O'Neil

"This year, there are a lot of uncertainties like monsoon, crude oil prices, (U.S.-China) trade war, So, I believe volatility will continue and although it is not going to be a continuous uptrend, things are definitely looking positive for the market," he added.

The BSE index is expected to break a resistance at 36,568 points, technicals suggest. The index is up 6.5 percent this year as of last close, while MSCI's broadest index of shares outside is down 6.2 percent in the same period.

Reliance Industries surged 4.7 percent and was the top gainer on the indexes, while HDFC Bank rose 1.2 percent.

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

Bharat Petroleum Corp Ltd, and gained over 4 percent each. and rose as much as 5 percent and 6 percent, respectively.

Among the gainers, jumped as much as 3.8 percent to its highest level since June 21 after British drugmaker lowered its full-year sales forecast saying it was losing sales of its opioid addiction drug to a copycat launched last month by and U.S. firm

(Reporting by Krishna V in Bengaluru; Editing by Vyas Mohan)

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

First Published: Thu, July 12 2018. 12:14 IST
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