Nifty scales new record closing level, Midcap shines


The Sensex and Nifty were trading flat after hitting record highs as investors waited for gross domestic product data due later in the day and searched for fresh corporate triggers with the results season coming to an end.

The 30-scrip Sensitive Index (Sensex) was trading 60.56 points or 0.19 per cent higher in the afternoon session.

Indian shares extended gains for the fourth straight day on Tuesday to hit record levels, helped by optimism over monsoon rains and advances in financial and pharmaceutical stocks.

It closed up 81.07 points, or 0.26 percent, at a new peak of 31,109.28, breaching its previous record closing of 31,028.21, reached on 26 May.

The index had gained 726.57 points in the previous two sessions. Around 1 p.m., the wider 51-scrip NSE Nifty traded at 9,630.20 points - up 5.65 points or 0.06 per cent - after touching a new intra-day high of 9,638.70 points. It broke its previous record closing of 9,604.90, hit yesterday.

Domestic institutional investors (DIIs) have been supporting the ongoing rally by pumping in sizeable capital.

The news of SEBI clamping down on foreign funds issuing participatory notes (P-Notes) did not rattle the market. The arrival of monsoon ahead of IMD's schedule and the buoyancy to drive the consumption demand will keep the positive vibes in the market.

ICICI Bank, the top gainer in the Sensex, is up almost 3% at Rs 324. Hong Kong and Chinese markets are shut.

NTPCwas up 4.3% while Dr Reddy's gained 2.7%, Lupin 2.4%, GAILand ICICI Bank 2.3% each in early trade.

In overseas markets, European shares edged lower as investors shifted their attention to political events going on in Europe.

Key benchmark indices edged lower in early trade amid subdued global cues.

On the other hand, ITC (1.77%), Larsen & Toubro (1.18%), Housing Development Finance Corporation (1.18%), Bharti Airtel (1.09%), and Tata Consultancy Services (0.77%) were the major losers in the Sensex.

London's FTSE was closed for a public holiday.