Nifty Hits Lifetime High, Sensex Gains on IT Buying

Mumbai, Aug 28 (PTI) Equity benchmark Nifty rose marginally to hit a fresh lifetime high of 25,052 and Sensex gained over 70 points on Wednesday, helped by buying in IT stocks amid a largely positive global market.

Recent foreign fund inflows and lower global crude oil prices also strengthened investor sentiments, traders said.

Rising for the tenth straight session, the NSE Nifty went up by 34.60 points or 0.14 per cent to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44 per cent to hit a fresh intra-day all-time peak of 25,129.60.

Extending its winning run to the seventh day in a row, the 30-share BSE Sensex climbed 73.80 points or 0.09 per cent to settle at 81,785.56. During the day, it jumped 327.5 points or 0.40 per cent to 82,039.26.

Among the 30 Sensex firms, Bharti Airtel, Infosys, IndusInd Bank, Sun Pharma, Tech Mahindra, Mahindra & Mahindra, Bajaj Finance and JSW Steel were the biggest gainers.

Asian Paints, Maruti, Nestle, Kotak Mahindra Bank, Axis Bank and UltraTech Cement were among the laggards.

In Asian markets, Seoul and Tokyo settled higher while Shanghai and Hong Kong ended lower.

European markets were trading in positive territory. The US markets ended with marginal gains on Tuesday.

"The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near-term. Falling bond yields in the US have restrained FII selling and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy.

"This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,503.76 crore on Tuesday, according to exchange data.

Domestic Institutional Investors (DIIs) offloaded equities worth Rs 604.08 crore.

Global oil benchmark Brent crude declined 0.82 per cent to USD 78.90 a barrel.

After oscillating between highs and lows, the BSE benchmark eked out a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76 on Tuesday. The NSE Nifty ended almost flat, up 7.15 points or 0.03 per cent, at 25,017.75 -- its ninth straight session of gains.