MUMBAI: Strong buying in top software stocks and Reliance Industries powered the sensex to above the 81,000 mark for the first time on Thursday. Six months ago, the sensex was at the 71,000 level.
As foreign funds led the day’s buying, Nifty too scaled a new all-time high at over 24,800-point mark. Both indices closed at all-time high levels. However, mid- and small-cap stocks witnessed strong profit-booking over valuation jitters.
After some lacklustre sessions in the last few days, the sensex was slightly lower at the start of trading but rallied in the second half to hit an all-time high at 81,523 points. Foreign funds were net buyers at Rs 5,484 crore. Domestic funds, however, were net sellers at Rs 2,904 crore, BSE data showed.
TCS, Infosys (that announced a better-than-expected set of quarterly numbers just when the markets closed) and RIL led gains in the sensex. On the other hand, HDFC Bank, Asian Paints and NTPC saw profit-taking, which in turn limited the gains, BSE data showed. At close, the sensex was up 627 points at 81,343 points.
According to Vinod Nair of Geojit Financial Services, frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. “Investor optimism for the sector grew after strong performance reports from the country’s leading IT firms in the June quarter, coupled with a weakening rupee. However, the broader market lagged major indices due to high valuations and sectoral rotation.”
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/it-stocks-lift-sensex-above-81k-for-1st-time/articleshow/111845573.cms