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McClatchy-Tribune  06/11/2014 8:52 AM ET
Sensex, Nifty hit record highs; IT stocks gain [Mint, New Delhi :: ]

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June 11--MUMBAI -- Key benchmark indices Sensex and Nifty hit a fresh all-time high led by gains in IT and tech companies.

In intraday trade, the Sensex rose 0.6%, or 152.18 points, to reach a new high of 25,735.87 points, while the Nifty rose 0.6%, or 43.65 points, to touch a new high of 7,700.05.

At 11.14am, the 30-share bellwether BSE Sensex was trading higher by 0.4%, or 93.4 points, at 25,677.09, while the National Stock Exchange's (NSE) broader 50-share Nifty was trading up 0.4%, or 30.90 points, at 7,687.30.

Earlier, Sensex was not updating due to a technical snag, several dealers told Reuters on Wednesday. Due to a technical snag in the index calculation system in the first few minutes, index calculation did not take place, a BSE spokesman said. "The system has been restarted by the technical team and is now working fine," he added.

Dealers said there was no official communication from the exchange, but prices were not updating from the beginning of the session.

The gainers included Infosys Ltd, which was trading up 5.16% at Rs.3,225.5 and Gail India Ltd, which rose 2.25% to Rs.438.30.

Among the losers, Hindustan Unilever Ltd (HUL) fell 1.68% to Rs.628, while Sesa Sterlite Ltd was down 1.2% to Rs.296.90.

The BSE IT and Teck indices were the top sectoral gainers, up 2.7% and 2.2%, respectively. The BSE realty, bankex and healthcare indices were also up 1.1% each. The BSE FMCG index was the top sectoral loser, down 0.8%.

Investors are avoiding major positions ahead of the release of the Consumer Price Index (CPI) inflation data for May and the Index of Industrial Production (IIP) data for April, due on 12 June, dealers said.

Traders were also awaiting the Wholesale Price Index (WPI) inflation data for May due on 16 June for more cues.

Bloomberg estimates that CPI for May will be 8.4%, compared with 8.59% in April, while IIP will grow 2% for April, compared with a 0.5% decline in March. Inflation based on the WPI will be 5.3% for May compared with 5.2% in April, according to estimates.

L&T Finance Holdings Ltd was trading at Rs.79.15 on BSE, down 3.42%. The company is planning to sell 2.76 crore shares through offer for sale (OFS) on Wednesday and the floor price will be Rs.74 a share.

State Bank of India (SBI) was trading up 2.26% at Rs.2,725.10, as the lender is planning to combine five associate banks with itself, reported The Economic Times.

The merger of the associates will enhance SBI's asset base to Rs.21.9 trillion, and add 5,658 branches to its 15,143 branches. The combined market share will rise to 24%, from 19%.

SBI's three listed associates were trading higher on BSE. State Bank of Travancore was trading up 10%, State Bank of Bikaner and Jaipur was up 12.4% and State Bank of Mysore was up 16.39%. The other unlisted associates are State Bank of Hyderabad and State Bank of Patiala.

Idea Cellular Ltd was trading at Rs146.75, up 1% after the company said that it is planning to raise Rs.750 crore by issuing equity shares to Axiata Group Bhd of Malaysia on a preferential basis.

Core Education and Technologies Ltd was trading at Rs.19.84, up 5% after it said that it will consider selling up to Rs.400 crore worth of its non-core assets and real estate properties.

Future Livestyle Fashions Ltd was trading at Rs.109 on BSE, up 5.3% after the company said it had sought approval from the Securities and Exchange Board of India (Sebi) for inter-se share transfer to its founder unit RYKA Commercial Ventures Pvt Ltd.

Since the beginning of this year, BSE Sensex has gained 20.84%, while foreign institutional investors have bought $8.51 billion from local equity markets.

Asian markets were trading mixed after a quiet session overnight left US stock indices steady. China's Shanghai Composite was trading down 0.22%, Hong Kong's Hang Seng was down 0.37%, while Japan's Nikkei Stock Average advanced 0.28%.

US markets ended on a subdued note as a post-payrolls lull in US data releases and a dearth of other market-moving news left stock markets largely unchanged. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite closed flat.

___

Reuters also contributed to this story

 

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