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Sensex, Nifty scale new highs as markets rise for 9th day

Wednesday, 3 September 2014 - 7:22pm IST | Place: Mumbai | Agency: PTI

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Surging for the ninth straight session, the BSE Sensex gained about 125 points to close at fresh peak of 27,139.94 today as IT stocks led rally powered by positive economic data and continued overseas fund inflows. The wide-based NSE Nifty index rose by 31.55 points to close at record 8,114.60 points. The index touched intra-trade record high of 8,141.90 points, surpassing previous record of 8,101.95 hit yesterday. 

The 30-share Sensex opened on a strong footing and rose quickly to new intra-day high of 27,225.85 points as buying momentum picked up. But gains were capped by profit-booking at record levels and the barometer settled at 27,139.94 -- fresh record closing level -- with net gains of 120.55 points or 0.45 % over last close.

The Sensex bettered its previous closing peak of 27,019.39 hit yesterday. The gauge has now gathered over 825 points in nine straight sessions. Shares, spread over a broad front, have been hitting new highs for the past few sessions on optimism that the Narendra Modi-led government would announce more reforms that could bring economy back on track. IT stocks, led by TCS, were in the limelight on fresh spell of buying after bullish US manufacturing and construction data. TCS, Infosys and Wipro rose between 2.45 % and 3.4 %.

Half of the 30 Sensex stocks closed with gains while the rest ended lower. Brokers said narrowing current account deficit, better-than-expected GDP growth in April-June quarter continued fund flows. Softening crude prices, hovering at multi-months low have buoyed trading sentiments. Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 672.81 crore yesterday as per provisional data from the stock exchanges. Sectorwise, the BSE IT index rose the most by 2.50 %, followed by the Teck index by 2.21 % and Realty index by 2.15 %.

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