Sensex, Nifty End At Record Highs For Eleventh Session Led By IT Stocks

Six off 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index's over 3 per cent gain.

Sensex, Nifty End At Record Highs For Eleventh Session Led By IT Stocks

The S&P BSE Sensex and NSE Nifty 50 indexes ended at record highs for eleventh session in trade on Monday led by strong gains in auto, information technology, FMCG and pharma stocks. The benchmarks staged a gap up opening and extended gains in last hour of trade on the back of partial recovery in banking stocks. The Sensex rose as much as 521 points to hit an all-time high of 49,303.79 and Nifty 50 index touched record high of 14,488.30.

The Sensex ended 1 per cent or 487 points higher to close at an all-time high of 49,269 and Nifty 50 index climbed 138 points or 1 per cent to close at record 14,485.

Six off 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index's over 3 per cent gain.

IT index surged to record high of 27,095.75 during the session led by gains in Tata Consultancy Services which rose as much as 3.5 per cent after it reported stronger than expected December quarter earnings.

Auto, FMCG and Phama shares also witnessed buying interest.

On the other hand, metal, media and PSU banking shares witnessed selling pressure.

Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index fell 0.24 per cent and Nifty Smallcap 100 index ended marginally lower.

Tata Motors was top Nifty gainer, the stock rose 13 per cent to close at Rs 223 on the back of heavy volumes. As many as 8- lakh shares changed hands on the BSE compared with an average of 32 lakh shares traded daily in the past two weeks.

HCL Technologies, Infosys and Wipro rose between 4-5 per cent after the country's largest software services company - Tata Consultancy Services reported stronger than expected December quarter earnings on Friday, igniting hopes of similar earnings expectations from its peer companies, analysts said.

HDFC, Bajaj Auto, Maruti Suzuki, GAIL India, Tech Mahindra and Cipla were also among the gainers.

On the flipside, Tata Steel, Bajaj Finance, Adani Ports, Bajaj Finserv, Reliance Industries, Hindalco, Shree Cements, Kotak Mahindra Bank and Larsen & Toubro were among the losers.

The overall market breadth was negative as 1,677 shares ended lower while 1,478 closed higher on the BSE.