The BSE Sensex and Nifty are back again at record highs. Logging their seventh gains in a row, Indian stocks closed at new life highs.
The Sensex ended at a new closing high of 26,147, up 121 points, while Nifty added 27 points to 7,795. During today’s session, Nifty hit an all-time high of 7,809.
Gains in IT heavyweights like TCS and Infosys helped markets to extend gains. Infosys rose 3.6 per cent to be the biggest gainer among the Nifty stocks. TCS gained 2.1 per cent, hitting a new all-time high of Rs. 2,596.30 earlier in the session. TCS also hit the milestone of crossing Rs. 5 lakh in market value.
Better-than-expected earnings from some bluechips and strong buying from overseas investors helped fuel the current leg of the rally. Overseas investors bought Indian shares worth Rs. 412 crore on Tuesday, marking inflows of nearly Rs. 3,700 crore over five consecutive days of buying, exchange and regulatory data showed.
Market analyst Sanjeev Bhasin expects the markets to see some consolidation around current levels. The results season seems mixed till now with large-cap companies outperforming while the midcaps are seeing weaker-than-expected earnings, he added. The BSE midcap index ended almost flat while the smallcap sub-index fell 0.6 per cent.
Rohit Srivastava, a fund manager at Sharekhan, said 7660 levels remain crucial for Nifty and if it manages to hold that, 8000 levels could be on the cards.