Nifty breaches 7,700 mark, Sensex at new high on fund inflows
The NSE index Nifty on Wednesday crossed the 7,700 level for the first time and the BSE Sensex hit yet another record high of 25,735.87 led by a rally in IT, auto banking and pharma stocks on sustained inflow of foreign capital. The 50-issue Nifty crossed the 7,700 level for the first time by gaining 43.65 points, or 0.57 per cent, to trade at an all-time high of 7,700.05, surpassing its previous intra-day high of 7,683.20 touched on Tuesday.
Brokers said sentiment was upbeat on sustained capital inflows and widespread buying by retail investors after the new government unveiled its agenda for economic reforms. Software services exporter Infosys rallied by 4.66 per cent to Rs. 3,218.40, Tata Consultancy Services, country’s top software exporter, climbed 1.27 per cent to Rs. 2,185.60 and Wipro jumped by 1.23 per cent to Rs. 531.45.
Among banking stocks, SBI surged 2.11 per cent to Rs. 2,722.10 and Kotak Bank rose 2.61 per cent to Rs. 923.55. In the pharma sector, Sun Pharma jumped 1.07 per cent to Rs. 615.50, Cipla gained 1.77 per cent to Rs. 414.80 and Lupin by 1.52 per cent to Rs. 991.05. Further, a mixed trends on the other Asian bourses influenced the trading sentiments here, they said.
The benchmark BSE Sensex too climbed 152.18 points, or 0.59 per cent, to trade at new record high of 25,735.87, breaking its previous record high of 25,711.11 reached in Tuesday’s trade. Among other Asian markets, Hong Kong’s Hang Seng index was down 0.35 per cent while Japan’s Nikkei was up by 0.39 per cent.