Mumbai July 12 (IANS) Expectations of robust quarterly results along with healthy buying in energy sector stocks pushed the Indian equity markets higher on Wednesday.
According to market observers gains were capped due to investors reluctance to further invest in expensive market conditions and caution over the upcoming macro-economic inflation and industrial production data points.
The wider Nifty of the National Stock Exchange (NSE) closed at a new high of 9 816.10 points -- up 30.05 points or 0.31 per cent over Tuesday s closing.
The 30-scrip Sensitive Index (Sensex) of the BSE which opened at 31 813.24 points closed at a fresh peak of 31 804.82 points -- higher by 57.73 points or 0.18 per cent from the previous day s close at 31 747.09 points.
The Sensex touched a high of 31 865.69 points and a low of 31 731.43 points during the intra-day trade.
Anand James Chief Market Strategist Geojit Financial Services said: "Domestic indices extended its gains as the oil marketing companies soared on the back of higher crude oil prices but caution prevailed in the market ahead of the key macro data to be released later today which held the markets in a range."
"Despite the expectation of soft inflation in the backdrop of good monsoon any dip in CPI could be seen from a growth angle especially with initial GST hassles in the backdrop."
In investments provisional data with the exchanges showed that foreign institutional investors (FIIs) bought stocks worth Rs 361.25 crore while domestic institutional investors (DIIs) divested Rs 330.58 crore.
"Hindustan Unilever ONGC ACC and Bharti Infratel gained the most on both indices while Mahindra and Mahindra as well as TCS were the top losers " said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
"Oil and gas sector s stocks gained the most followed by auto telecom bank capital goods whereas IT stocks ended in the red."
Sector-wise the S&P BSE oil and gas index gained 209.96 points the banking index by 134.68 points and the automobile index by 68.56 points.
On the other hand IT index declined by 38.80 and and Teck index by 3.18 points.
Major Sensex gainers on Wednesday were: Hindustan Univelever up 2.04 per cent at Rs 1 129.70; ONGC up 1.59 per cent at Rs 162.85; State Bank of India (SBI) up 1.34 per cent at Rs 287.40; Tata Motors DVR up 1.10 per cent at Rs 275; and ICICI Bank up 1.04 per cent at Rs 292.75.
Major Sensex losers were: Tata Consultancy Services (TCS) down 1.33 per cent at Rs 2 439.10; Mahindra and Mahindra (M&M) down 0.97 per cent at Rs 1 376.60 ITC down 0.51 per cent at Rs 328.70 Hero MotoCorp down 0.48 per cent at Rs 3 731.95 and Dr Reddy s Lab down 0.36 per cent at Rs 2 681.
--IANS
rv/dg
