Nifty hits record closing high; IT stocks rally

Written by PTI | Mumbai | Updated: Jul 24 2014, 02:37am hrs
NiftyAsian stocks closed firm following positive economic data from the US.(Reuters)
Market witnessed a successive seventh gain in a choppy session on select buying in key heavy weights, specifically in IT counters, which lifted the benchmark to a record closing high of 7,795.75 at the National Stock Exchange (NSE) here today.

Investor sentiment was mainly aided by steady FII inflows along with positive global markets in the backdrop of easing of Ukraine tensions. Bullish earnings led heavy buying in IT majors, which took the index to a new all-time high of 7,809.20 during the intra-day trade.

The rally was also supported by modest buying in banking, FMCG, auto and pharma counters, while metal and infra and the broader-markets with shares of mid-cap and small-caps succumbed to profit-booking.

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

Asian stocks closed firm following positive economic data from the US.

The Nifty hovered between a high of 7,809.20 and a low of 7,752.90 points before finishing at 7,795.75, up 27.90 points, or 0.36 per cent, from its previous close.

Major gainers were Infosys 3.58 per cent, BPCL 3 per cent, Hindalco 2.92 per cent, Bank of baroda 2.60 per cent and Wipro 2.17 per cent.

However, notable losers were Ambuja Cements 3.25 percent, UltraCemCo 2.73 percent, ACC 2.36 percent, IDFC 2.08 percent and KotakBank 1.73 percent.

Turnover in the cash segment rose to Rs 16,186.88 crore from Rs 15,822.10 crore yesterday. A total of 8,638.44 lakh shares changed hands in 69,83,291 trades, while total market capitalisation stood at Rs 89,33,806 crore.