Nifty hits record high, moves closer to 10,000 mark
ha Kareen Nair
The NSE Nifty rose to a record high on Monday, inching closer to the 10,000 mark, as market heavyweight Reliance Industries Ltd
The broader Nifty rose as much as 0.54 percent to 9,968.95, surpassing the previous record set a week earlier, while the benchmark BSE Sensex climbed 0.67 percent to an all-time high of 32,242.78.
Reliance was the leading gainer, advancing as much as 2.5 percent to its highest since Jan. 15, 2008, after the oil-to-telecoms conglomerate posted better-than-expected earnings and unveiled a low-cost 4G-enabled phone last week.
But indexes could struggle to post stronger gains in the near term as analysts warned investors would likely enter a consolidation phase as more companies report earnings, including HDFC Bank Ltd
"The process of consolidation is likely to continue. We will see more stock-specific moves coming through depending on how corporate results unfold," said Gaurang Shah, vice president, Geojit Financial Services.
Among other gainers, Lupin Ltd
Bharti Airtel Ltd
Meanwhile, strong quarterly results helped lift stocks such as Vijaya Bank
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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