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Sensex races past 36k-mark as earnings take centrestage

Wednesday, July 11, 2018

Rising for the third day, the BSE Sensex surged 305 points to recapture the 36,000-level while the NSE Nifty closed well above 10,900 today as participants wagered on robust corporate earnings.

Indices raced to over five-month highs on the back of unabated buying by domestic institutional investors and a good set of corporate results so far, brokers said.

Barring BSE Healthcare, all other sectoral indices closed with gains, led by energy, realty and telecom counters.

Financial services conglomerate HDFC Group saw the market capitalisation of its listed firms cross the Rs 10 lakh crore mark, making it only the second Indian business house after Tatas to achieve this feat.

The 30-share Sensex opened strong and hit a high of 36,274.33 before finally ending at 36,239.62, up 304.90 points or 0.85 per cent.

It has now gained 665.07 points in three sessions. The benchmark is just a tad lower from its all-time closing high of 36,283.25 hit on January 29 this year.

Similarly, the 50-share NSE Nifty climbed 94.35 points, or 0.87 per cent, to end at 10,947.25. Intra-day, it shuttled between 10,956.90 and 10,876.65.

The Sensex and Nifty remained above their key levels of 36,000 and 10,900 throughout the session, indicating strong investor optimism after a prolonged spell of caution.

Auto stocks spurted after data showed that passenger vehicle sales in India rose by 37.54 per cent in June, the fastest monthly growth in nearly ten years.

TCS dipped 0.56 per cent ahead of its June-quarter results.

Meanwhile, domestic institutional investors (DIIs) picked up shares worth a net Rs 740.39 crore yesterday, while foreign portfolio investors (FPIs) offloaded equities to the tune of Rs 569.91 crore, provisional data showed.

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