Mumbai, Jan 11: Benchmark indices were off day’s high in late trade but still managed to end at fresh record closing high on Thursday. Infosys and HDFC Group stocks helped the Nifty close above 10,650 level for the first time.
The holding of record high levels by the market indicated that investors seem to be confident about continuity in earnings recovery for October-December quarter.
The 30-share BSE Sensex ended above 34,500 level for the first time today, rising 70.42 points to 34,503.49. The 50-share NSE Nifty rose 19 points to 10,651.20.
“Markets are at record high and still look upbeat, but we suggest keeping cautious approach, citing possibility of volatile swings ahead,” Jayant Manglik, President, Religare Broking, said.
He believes other factors will take a backseat for now and earnings will dictate the market trend.
All sectoral indices barring Metal closed in the green. Nifty Realty was the biggest gainer, rising 2 percent and the rest indices ended with mild gains.
Infosys was the biggest gainer among Nifty 50 stocks, rising 2.2 percent ahead of Q3 earnings on Friday. A CNBC-TV18 poll expects dollar revenue growth at around 1 percent but the full year guidance will be closely watched.
TCS lost 0.57 percent on caution ahead of earnings later today. The stock had gained 3.6 percent in previous session.
IndusInd Bank lost 2 percent as net interest income in Q3 missed analyst estimates and asset quality weakened a bit. Bharti Airtel was up 1.5 percent after the telecom operator added 43 lakh users in November against 31.5 lakh addition in October.
Sun Pharma rose half a percent after its Halol unit has received Good Manufacturing Certificate from the Dutch health regulator.
HDFC (up 0.9 percent), HDFC Bank (0.5 percent), Kotak Mahindra Bank (1.5 percent) and Indiabulls Housing (2 percent) were other leading contributors to Nifty’s gains whereas ICICI Bank (down 0.8 percent), Reliance Industries (0.5 percent), Bajaj Finance (1.2 percent) and Wipro (1.7 percent) capped upside.
The broader markets also participated in the run-up with the Nifty Midcap mildly outperforming benchmark indices on positive breadth and ended at record closing high.