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Nifty hits new lifetime high of 7,809.20 on heavy inflow of foreign funds; Reliance, banks gain

Wednesday, 23 July 2014 - 10:47am IST | Place: Mumbai | Agency: PTI

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The National Stock Exchange index Nifty today scaled a new record-high of 7,809.20 points, led by a rally in IT, tech, auto, oil & gas, banking and pharma stocks on sustained foreign capital inflows amid robust corporate earnings.

The 50-issue index regained the 7,800-level for the second time this month by surging 41.35 points, or 0.53 %, to trade at an all-time high of 7,809.20, surpassing its previous intra-day high of 7,808.85 touched on July 8.

Brokers said market sentiments were upbeat on sustained capital inflows and widespread buying by retail investors after several bluechip companies came out with better-than-expected first quarter earnings. Sensex shows strength as Nifty regains 7,800-mark; Infosys, banks lead the rise

Besides, progress of monsoon, positive economic data and global cues buoyed the trading sentiments, they said.

Major gainers which supported the Nifty to scale lifetime high were Infosys, Bank of Baroda, Reliance, GAIL, Sun Pharma and Jindal Steel.

Further, a firm trend at other Asian bourses influenced the trading sentiments here, they said.

The benchmark BSE Sensex also climbed 162.84 points, or 0.62 %, to trade at 26,188.64, just shying away from its lifetime high of 26,190.44 reached on July 8.

The gauge had rallied nearly 1,019 points in previous six sessions. Read:Rupee rises 12 paise against dollar in early trade

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore yesterday, as per provisional data from the stock exchanges.

Among other Asian markets, Hong Kong's Hang Seng was up 0.66 % while Japan's Nikkei rose 0.16 % in early trade.

Also read: Asia stocks rise as geopolitical concerns begin to ease; Australian dollar rise on good inflation data

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