Sensex rises to new peak in longest winning run since Sept 2012
Software giant TCS attained a market valuation of over Rs 5 lakh crore for the first time, helped by a 2.21% rally in the stock. Infosys was the best gainer on Wednesday as it jumped nearly 3.5%.business Updated: Jul 23, 2014 17:35 IST
The benchmark Sensex rose on Wednesday 121 points to end at a new peak of 26,147.33, extending its winning run to seventh session — its longest since September 2012 — boosted by gains in IT and banking bluechips on upbeat earnings, higher capital inflows and positive global cues.
The NSE Nifty barometer rose 27.90 points, or 0.36%, to end at yet another record close of 7,795.75. The Nifty also hit new all-time intra-day peak of 7,809.20, surpassing its previous record of 7,808.85 hit on July 8.
Software giant TCS attained a market valuation of over Rs 5 lakh crore for the first time, helped by a 2.21% rally in the stock. Infosys was the best gainer on Wednesday among the 30-share Sensex as it jumped nearly 3.5%. Its peer, Wipro inched up by 1.9%.
"Selective buying in index heavyweights and particularly IT sector maintained buying momentum on the bourses," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
In seven straight days of gains, including 121.53 points or 0.47% on Wednesday, Sensex has gained 1,140.35 points to surpass previous record peak of 26,100.08 (July 7). This is its longest string of gains since September 12 when it saw nine consecutive session of upmove.
The 50-share Nifty has also extended its rise to the seventh day, its longest run since May 2014.
Brokers said expectations of the government accelerating economic reforms also triggered buying by foreign investors.
In the banking space, ICICI Bank and SBI witnessed good buying. Stocks of Bank of Baroda climbed after RBI lifted a ban imposed on foreign investors to buy shares as the foreign shareholding under portfolio investment scheme (PIS) in the bank has gone below prescribed limit.
Sectorally, the BSE IT sector index rose the most by rising 2.24 per cent, followed by Teck index 1.74 per cent, Consumer Durables index 0.37% and Banking index 0.24%.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, as per provisional data from the stock exchanges.