Markets hit new highs, Nifty past 9,800-mark

It had rallied 386.45 points in the previous two sessions. The 50-share Nifty ended up 30.05 points, or 0.31 per cent, at a new closing peak of 9,816.10. During the session, it shuttled between 9,824.95 and 9,787.70. Its previous closing high was 9,786.05 hit on Tuesday.

By: ENS Economic Bureau | Mumbai | Published: July 13, 2017 2:02 am
sensex, sensex close, market, market close, nifty, stock market, indian express news, bse, india news. business news, market news Hindustan Unilever led the gainers list in the Sensex heatmap by surging 2.04 per cent.

Stock markets on Wednesday hit record closing highs ahead of key macroeconomic data on buying interest in banking, oil and gas and auto stocks. The BSE Sensex closed at a new closing high of 31,804.82, up 57.73 points, or 0.18 per cent, as fag-end buying in heavyweights emerged. It had rallied 386.45 points in the previous two sessions. The 50-share Nifty ended up 30.05 points, or 0.31 per cent, at a new closing peak of 9,816.10. During the session, it shuttled between 9,824.95 and 9,787.70. Its previous closing high was 9,786.05 hit on Tuesday.

While oil marketing companies soared on the back of higher crude oil prices, investors were guarded ahead of release of index of industrial production (IIP) for May and consumer price (CPI) inflation for June post market hours today. The next triggers are a set of corporate quarterly earnings, which is going to kick off on Thursday with TCS. “Market started positively, but consolidated near its peak as investors took a wait and watch approach ahead of CPI and IIP data today. Quarterly results and their impact to the current high valuation will be eagerly watched,” said Vinod Nair, Head of Research, Geojit Financial Services. Reliance Industries rallied 1.02 per cent to hit a fresh nine-year high after its subsidiary Reliance Jio unveiled new tariff plans.

Hindustan Unilever led the gainers list in the Sensex heatmap by surging 2.04 per cent. ONGC was up 1.59 per cent on reports that the proposed ONGC-HPCL deal will be completed by the end of 2017-18. However, the largest IT exporter, TCS fell 1.29 per cent ahead of its earnings, to be released on Thursday. Foreign portfolio investors (FPIs) bought shares worth a net Rs 182.05 crore while domestic institutional investors (DIIs) net purchased Rs 335.75 crore Wednesday, as per provisional data. Among sectoral indices, BSE oil and gas gained the most by rising 1.54 per cent, followed by PSU, banking and power.

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