Markets see new highs; telecom stocks fall
Investor sentiment remained upbeat on sustained capital inflows and widespread buying by retail investors
Benchmark indices climbed to a fresh record highs on firm cues from global market ahead of earnings season. The 50-share Nifty closed 0.55% up, breaching the 10,600 level and Sensex closed 0.58% up at 34,352.79. On the NSE, IT, media, metal and pharma indices rose over 1%.
Coal India, Lupin, Infosys, Tech Mahindra and Indiabulls Housing Finance led the rally on the benchmark Nifty.
BSE Telecom index fell over 2%, while its constituents Bharti Airtel and Idea fell over 4%.
Investor sentiment remained upbeat on sustained capital inflows and widespread buying by retail investors amid expectations of encouraging third quarterly earnings, to be announced this week.
In the morning trade today, the BSE Sensex hit record high of 34,331.85, while Nifty breached 10,600-mark for the first time.
Shrugging off lower-than-expected GDP forecast for the fiscal 2018, Sensex surged 178 points or 0.54%, while Nifty50 was at 10, 607.75, up 48.90 points or 0.46%.
Among Sensex stocks, Sun Pharma, YES Bank and Larsen & Toubro rose.
The US Food and Drug Administration is expected to begin inspection of Sun Pharma's manufacturing facility at Halol in the second week of February, acording to reports.
Tata Housing and the Lodha Group have reportedly filed initial bids for debt-laden realtor and road builder Jaypee Infratech.
Meanwhile, the rupee strengthened by 11 paise to trade at 63.26 against the US dollar in opening session today on selling of the greenback by exporters and banks amid gains in stocks which scaled record levels, said a PTI report.
Currency dealers reportedly said continued foreign fund inflows and weakness in the greenback against other currencies overseas supported the rupee.