Sensex hits fresh highs; IT stocks lead

Pauline Gross
July 17, 2017

Asian shares set a fresh two-year high, boosted by stronger-than-expected economic growth in China and bets that lacklustre US data will keep the Federal Reserve cautious about the pace of further policy tightening.

IT stocks fuelled gains with heavyweights Wipro (up 3.28 per cent) and Infosys (up 1.33 per cent) emerging as the top gainers. During the day, they had gone up by 5.54 per cent to Rs 273.90.

The wider Nifty of the National Stock Exchange (NSE), which breached the 9,900-mark intra-day for the first time on July 14, provisionally closed at 9,915.95 points (at 3.30 p.m.), up 29.60 points or 0.30 per cent from the previous session's close. This was the fresh lifetime highs for both the indices. "The development in earnings season will also navigate the direction in the interim", said Anand James, Chief Market Strategist, Geojit Financial Services.

On the other hand, the S&P BSE FMCG index declined by 166.21 points and the capital goods index by 12.27 points. Shares of Flexituff International (down 20 per cent) capped gains. The gauge has lost 16.63 points on Friday.

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Indian shares touched record high levels on Monday with IT stocks such as Infosys and Wipro Ltd leading the gains, while firm Asian markets on strong economic growth in China boosted investor sentiment.

Fortis Healthcare plummeted 8.4 percent and Religare Enterprises shed 3.6 percent after India Ratings and Research downgraded RHC Holding's NCDs to default.

The company's market valuation on BSE went up by Rs3,948.99 crore to Rs1,30,224.99 crore.

In Europe, the pan-European STOXX 600 index ended the day 0.2 per cent higher.

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