Sensex hits fresh record high of  36,740.07 points on firm global cues

Shares of Infosys gained over 1.42 per cent ahead of first quarter results, scheduled to be released later in the day.

Published: 13th July 2018 11:03 AM  |   Last Updated: 13th July 2018 11:03 AM   |  A+A-

sensex, stock exchange, bombay, BSE, Nifty,

Image used for representational purpose only. (File Photo | Reuters)

By PTI

MUMBAI: The BSE Sensex hit a fresh record high of 36,740.07 points in opening session today driven by smart gains in Infosys, Coal India and Wipro, despite weak macroeconomic data released yesterday.

In addition, firm Asian cues and a strengthening rupee against the dollar supported the rally.

Rising for the sixth day, the 30-share index spurted 191.66 points, or 0.52 per cent, to hit a new peak of 36,740.07.

The gauge gained 973.86 points in previous five sessions to close at a record high at 36,548.41 in yesterday.

Sectoral indices, led by IT, metal, teck, oil & gas and consumer durables were trading in the positive zone with up to one per cent gains.

The 50-share NSE Nifty rose 48.15 points, or 0.43 per cent, to 11,071.35.

Shares of Infosys gained over 1.42 per cent ahead of first quarter results, scheduled to be released later in the day.

Among other gainers, Wipro, Coal India, L&T, RIL, Maruti Suzuki, Kotak Bank, TCS, Adani Ports, HDFC Bank, M&M, Tata Motors, IndusInd Bank, Tata Steel and Asian Paints rose up to 3.20 per cent.

Continuous buying by domestic institutional investors (DIIs), amid optimism over Q1 earnings and firming trend in other Asian markets following positive leads from Wall Street, buoyed market sentiment here, traders said.

DIIs bought shares worth a net of Rs 366.40 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 742.63 crore yesterday, provisional exchange data showed.

Public sector bank stocks took a beating after weak Index of Industrial Production (IIP) and inflation data.

Bank of Baroda, Punjab National Bank, State Bank of India, Federal Bank were to top losers in the BSE Bankex, falling up to 4 per cent.

According to two sets of official data released yesterday, retail inflation spiked to a five-month high of 5 per cent in June on costlier fuel, despite easing food prices, reducing the possibility of an interest rate cut by the Reserve Bank in its upcoming monetary policy review.

Industrial production slipped to a seven-month low of 3.2 per cent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel.

Asian stocks rose as China refrained from detailing retaliation plans against threatened US tariff increases.

Hong Kong's Hang Seng gained 0.58 per cent, Japan's Nikkei too edged higher 1.47 per cent, while Shanghai Composite Index shed 0.17 per cent in early deals.

The US Dow Jones Industrial Average closed 0.91 per cent higher yesterday.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp