Sensex reclaims 26,000-level, up 311 points as funds chase earnings
Extending its upward journey for the sixth straight session, Sensex surged on Tuesday nearly 311 points to reclaim the 26,000-mark at close as overseas investors bought bluechips on encouraging corporate earnings.business Updated: Jul 22, 2014 17:01 IST
Extending its upward journey for the sixth straight session, the benchmark Sensex surged on Tuesday nearly 311 points to reclaim the 26,000-mark at close as overseas investors bought bluechips on encouraging corporate earnings.
This is the second time in its history that the BSE Sensex has ended above 26,000 mark as it concluded at 26,025.80, a rise of 310.63 points, or 1.21%. It had closed above this level on July 7, 2014 (26,100.08).
The barometer has gained over 1,018 points in six sessions, helping it rise over 2.3% so far in July.
Bharti Airtel, which nearly 5%, was the best gainer in the 30-share pack on Tuesday. It was followed by RIL, HDFC and TCS that have recently posted better-than-expected earnings.
On similar lines, the 50-share NSE index Nifty rose 83.65 points, or 1.09%, to settle the session at 7,767.85, after scaling an intra-day peak of 7,773.85.
Brokers said the investor sentiment was firm amid persistent inflow of foreign funds. Improving macroeconomic indicators, monsoon progress and positive global cues have also supported the buoyancy in domestic markets, they said.
Telecom stocks flared up after Idea Cellular's results on Monday and after regulator TRAI a day ago recommended allowing sharing of all categories of airwaves held by operations including spectrum allocated at old price.
Among major earnings on Monday, Kansali Nerolac and Thermax reported results.
However, most midcap and smallcap stocks ended flat or down on a wave of profit-booking, traders said.
Sectorwise, the BSE Teck sector index was the star performer by rising 2.02%, followed by IT index 1.78 per cent, Oil and Gas index 1.74%, Consumer Durables 1.16%, among others.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 161.17 crore on Monday as per provisional data.