Sensex Rises 58 Points; Nifty Ends At 9816

Apart from selling by exporters and banks weakness in the dollar against other currencies overseas made the rupee stronger

Apart from selling by exporters and banks weakness in the dollar against other currencies overseas made the rupee stronger

The benchmark index of Bombay Stock Exchange (BSE) posted a modest gain of 57.73 points in a lacklustre tradeto end at a record high for the third consecutive session todayat 31,804.82 due to brisk buying in Oil & Gas and Energy stockson the back of higher crude prices in worldwide market. BSE FMCG index rises by 1.23%, while BSE capital goods index soars by 1.15%.

HUL rose 2.04%, ONGC surged 1.59% SBI climbed 1.34% and ICICI Bank gained 1.04%.

Market heavyweight Reliance Industries was trading 0.52 percent or 7 points higher at 1517 level on the BSE. ACC was the top gainer in Nifty, up 3.34 per cent. Bharti Infratel, Ambuja Cements, Hindustan Unilever and Indiabulls Housing Finance were the other big gainers in Nifty rising between 2-2.6 per cent.

Additionally, stocks of liquor companies were back in demand after a favourable Supreme Court order.

However, investors were wary as they awaited the release of a slew of domestic macro-economic data. Expectations of an interest rate cut by the Reserve Bank of India (RBI) after latest data showed that retail inflation has eased to a record in June and factory output growth slowed sharply in May underpinned the sentiment. Announcement of corporate quarterly earnings are likely to be the next determinant for market movement.

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■ 9.05am: Tata Consultancy Services (TCS) Ltd rose 1.1% to Rs2,466.50 ahead of its June quarter earnings due later on Thursday.

BSE oil & gas index jumped the most at 1.54%, followed by PSU, banking and power.

The market breadth, indicating the overall health of the market, was strong.

Foreign institutional investors (FIIs) were net sellers in the equity segment worth Rs 3.61 billion on both BSE, NSE and MCX-SX on July 12, as per provisional data available at the BSE.

U.S. stocks closed higher yesterday, 12 July 2017 with the Dow industrials setting its first closing record in almost a month as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony. In the Asian region, financial markets in Japan, Hong Kong and South Korea are closed today for public holidays. China's Shanghai Composite shed 0.17%.

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