Sensex reclaims 26,000 level, up 311 points on strong corporate earnings

Mumbai, 22 July-2014, PTI: Extending its up move for the sixth straight session, the benchmark Sensex on Tuesday surged nearly 311 points to reclaim the 26,000 mark at close as overseas investors bought blue chips on encouraging corporate earnings.

Sensex reclaims 26,000 level, up 311 points on strong corporate earnings

Sensex reclaims 26,000 level, up 311 points on strong corporate earnings

This is the second time in its history that the BSE Sensex has ended above 26,000 mark as it concluded at 26,025.80, a rise of 310.63 points, or 1.21 per cent. It had closed above this level on July 7, 2014 (26,100.08).

The barometer has gained over 1,018 points in six sessions, helping it rise over 2.3 per cent so far in July.

Bharti Airtel, which gained nearly 5 per cent, was the best gainer in the 30-share pack. It was followed by RIL, HDFC and TCS that have recently posted better than expected earnings.

On similar lines, the 50-share NSE index Nifty rose 83.65 points, or 1.09 per cent, to settle the session at 7,767.85, after scaling an intra-day peak of 7,773.85.

Brokers said the investor sentiment was firm amid persistent inflow of foreign funds. Improving macroeconomic indicators, monsoon progress and positive global cues have also supported the buoyancy in domestic markets, they said.

Telecom stocks flared up after Idea Cellular’s results on Monday and after regulator TRAI on Monday recommended allowing sharing of all categories of airwaves held by operations including spectrum allocated at old price.

Among major earnings on Tuesday, Kansali Nerolac and Thermax reported results.

However, most midcap and smallcap stocks ended flat or down on a wave of profit-booking, traders said.

Sectorwise, the BSE Teck sector index was the star performer by rising 2.02 per cent, followed by IT index 1.78 per cent, Oil and Gas index 1.74

per cent, Consumer Durables 1.16 per cent, among others.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 161.17 crore on Monday as per provisional data.

Posted by on July 22, 2014. Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.