BSE Sensex rises over 1 pct, nears record high; Idea Cellular, other telecom stocks gain

Jul 22 2014, 17:16 IST
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Sensex jumps 311 pts to end 26,025.80; Nifty surges 84 pts to close at 7,767.85. Sensex jumps 311 pts to end 26,025.80; Nifty surges 84 pts to close at 7,767.85.
SummaryBSE Sensex today surged nearly 311 points to reclaim the 26,000-mark.

Extending its upmove for the sixth straight session, the benchmark BSE Sensex today surged nearly 311 points to reclaim the 26,000-mark at close as overseas investors bought bluechips on encouraging 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 nearly 5 per cent, was the best gainer in the 30-share pack today. 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 yesterday and after regulator TRAI yesterday recommended allowing sharing of all categories of airwaves held by operations including spectrum allocated at old price.

Among major earnings today, 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 yesterday as per provisional data.

Raghu Kumar, Cofounder RKSV: Sensex breached the critical resistance point of 26,000 for the second time this month as investors focused mostly on bluechip stocks making up the Sensex and Nifty. While mid-cap and small-cap stocks stayed flat, some of the highest capitalized stocks in the market- including Tata Motors, Sun Pharma, and Lupin hit all time highs. The bullishness seems to be coming from high FII inflows; since 14th July, FII's have pumped in more than 2700 Cr, and the Sensex has gone up 4% during these past 8 days alone. This was expected

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