Nifty hits new lifetime high of 7,809.20 on capital inflows

Mumbai, Jul 23: The National Stock Exchange index Nifty on Wednesday scaled a new record-high of 7,809.20 points, led by a rally in IT, tech, auto, oil & gas, banking and pharma stocks on sustained foreign capital inflows amid robust corporate earnings.

The 50-issue index regained the 7,800-level for the second time this month by surging 41.35 points, or 0.53 per cent, to trade at an all-time high of 7,809.20, surpassing its previous intra-day high of 7,808.85 touched on July 8.

Brokers said market sentiments were upbeat on sustained capital inflows and widespread buying by retail investors after several bluechip companies came out with better-than-expected first quarter earnings.

Besides, progress of monsoon, positive economic data and global cues buoyed the trading sentiments, they said. Major gainers which supported the Nifty to scale lifetime high were Infosys, Bank of Baroda, Reliance, GAIL, Sun Pharma and Jindal Steel. Further, a firm trend at other Asian bourses influenced the trading sentiments, they said.

The benchmark BSE Sensex also climbed 162.84 points, or 0.62 per cent, to trade at 26,188.64, just shying away from its lifetime high of 26,190.44 reached on July 8. The gauge had rallied nearly 1,019 points in previous six sessions. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, as per provisional data from the stock exchanges. Among other Asian markets, Hong Kong’s Hang Seng was up 0.66 per cent while Japan’s Nikkei rose 0.16 per cent in early trade.