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Sensex, Nifty gain strength, bring up fresh life highs

Thursday, July 13, 2017

Stocks set a record again as the Sensex yesterday went higher by 58 points to 31,805 and the Nifty closed above the 9,800 mark ahead of key macroeconomic data, lifted by banking, oil and gas and auto stocks.

Oil marketing companies soared on the back of higher crude oil prices. But investors were guarded ahead of release of index of industrial production (IIP) for May and consumer price (CPI) inflation for June post market hours yesterday.

The next triggers are a set of corporate quarterly earnings, which is going to kick off today with TCS. The BSE barometer closed at a new closing high of 31,804.82, up 57.73 points, or 0.18%, as fag-end buying in heavyweights emerged.

It had rallied 386.45 points in the previous two sessions. The 50-share Nifty ended up 30.05 points, or 0.31%, at a new closing peak of 9,816.10. During the session, it shuttled between 9,824.95 and 9,787.70.

Its previous closing high was 9,786.05 hit yesterday. "Market started positively, but consolidated near its peak as investors took a wait and watch approach ahead of CPI and IIP data today. Quarterly results and their impact to the current high valuation will be eagerly watched," said Vinod Nair, Head of Research, Geojit Financial Services.

Reliance Industries, the biggest company by market capitalisation, rallied 1.02% to hit a fresh nine-year high after its subsidiary Reliance Jio yesterday unveiled new tariff plans.

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