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Sensex rose to a high record on firm global cues

Sensex rose to a high record on firm global cues
Highlights

On Friday the BSE Sensex hit a fresh record high of 36,74007 points in opening session driven by smart gains in Infosys, Coal India and Wipro, despite...

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

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 percent, 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 on Thursday.

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

Shares of Infosys gained over 1.42 percent 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.

Constant 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 on Thursday, provisional exchange data showed.

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

According to two sets of official data released yesterday, retail inflation spiked to a five-month high of 5 percent 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.

Asian stocks rose as China refrained from detailing retaliation plans against threatened US tariff increases. Hong Kong's Hang Seng gained 0.58 percent, Japan's Nikkei too edged higher 1.47 per cent, while Shanghai Composite Index shed 0.17 percent in early deals.

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