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Business News/ Market / Stock-market-news/  Sensex hits fresh all-time high above 27,200; Infosys top gainer
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Sensex hits fresh all-time high above 27,200; Infosys top gainer

Sensex touched its fourth consecutive record high of 27,225.85, before ending 0.45% higher at 27,139.94

Software exporters such as Infosys rallied on strong US economic data, while continued foreign buying and falling oil prices also helped the gains. Photo: HT Premium
Software exporters such as Infosys rallied on strong US economic data, while continued foreign buying and falling oil prices also helped the gains. Photo: HT

Mumbai: The S&P BSE Sensex and CNX Nifty extended a record-setting winning streak on Wednesday as software exporters such as Infosys Ltd rallied on strong US economic data, while continued foreign buying and falling oil prices also helped the gains.

A fall in Brent crude prices to 16-month lows and recent supportive economic data at home such as better-than-expected 5.7% GDP growth in April-June are also reinforcing investor optimism.

The gains also tracked a rise in global stocks after Ukraine said it reached a ceasefire agreement with Russia, despite conflicting reports from the Kremlin.

Overseas investors continued to buy Indian stocks ahead of a crucial European Central Bank (ECB) meeting on Thursday, which is widely expected to provide further stimulus for revival, thereby aiding liquidity in the financial markets.

Foreign portfolio investors bought shares worth 673 crore on Tuesday, taking their total purchase to over $13 billion so far this year.

“Political and economic changes have led to a positive trend in Indian equities which should continue. Also, India stands out in the world due to its strong domestic growth story," said Nirakar Pradhan, chief investment officer at Future Generali India Life Insurance.

The Sensex touched its fourth consecutive record high of 27,225.85, before ending 0.45% higher at 27,139.94.

The Nifty rose as much as 0.73% to mark its third straight record high at 8,141.90. It closed up 0.39% at 8,114.60.

Software stocks gained after data showed US manufacturing activity hitting a nearly three-and-a-half-year high last month and construction spending rebounding strongly in July, providing signs the economy entered the third quarter on a strong footing.

Infosys gained 3.41%, Tata Consultancy Services Ltd (TCS) ended up 2.45%, Wipro Ltd rose 3%, while Tech Mahindra Ltd advanced 1.37%.

Meanwhile, oil retailers gained after Brent crude slumped to 16-month low on Tuesday. Prices rebounded on Wednesday but ample supplies and lingering demand worries limited the rally.

Hindustan Petroleum Corp. Ltd gained 1.17%, Indian Oil Corp. Ltd rose 1.7%, while Bharat Petroleum Corp. Ltd ended 0.17% higher.

Carborundum Universal Ltd ended 3.22% higher after earlier marking a record high of 217.10 as HDFC Mutual Fund raised stake in the abrasives maker to 4.61% from 4.08%, via a block deal on Tuesday.

Tata Motors Ltd gained as much as 2.7% after a slew of rating upgrades, citing valuations and improving outlook for its luxury car making unit Jaguar Land Rover.

Among the stocks that fell, Cipla Ltd lost 0.81% after surging to a record high of 575 on Tuesday. Reuters

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Published: 03 Sep 2014, 10:29 AM IST
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