Sensex ends about 30 points higher at fresh closing peak of 26,420.67 on Tuesday

Mumbai: Markets surged for the sixth session in a row on Tuesday with benchmark Sensex rising 30 points to a new closing peak of 26,420.67 and the Nifty gaining 23 points to end at a record 7,897.50 on account of continued overseas fund inflows, lower oil prices and positive global cues.

However, gains were capped by fag end profit-selling at record levels as the BSE Sensex shot up to a life high of 26,530.84 and the NSE Nifty zoomed up to its all-time intra-day high of 7,918.55. Still, this is the second successive day that both indices hit new peaks. On Monday, they had gained over one per cent each.

Auto stocks were in limelight as M&M, Tata Motors, Bajaj Auto and Maruti Suzuki were among the top gainers in the 19 counters that rose in 30-scrip Sensex. BHEL, NTPC, Coal India, Dr Reddys, Sesa Sterlite and Axis Bank also rose.

Brent oil price hovered near 14-month lows. Investors feel this will give respite to Prime Minister Narendra Modi's government to tackle both current account and fiscal deficits and will also lower the subsidy bill, traders said.

Sustained buying by foreign funds as well as renewed purchases by Domestic institutions also aided the uptrend. Foreign Portfolio Investors (FPIs) bought shares worth Rs 473.42 crore and Domestic Institutional Investors (DIIs) picked up shares worth Rs 490.04 crore on Monday.

The S&P BSE 30-share sensex resumed strong in line with better Asian cues on the back of sharp rally on Wall Street on Monday. It immediately touched an all-time intra-day high of 26,530.84 before logging a new closing peak of 26,420.67, a net rise of 29.71 points or 0.11 per cent.

Its previous record close of 26,390.96 and intra-day high of 26,413.11 was witnessed on Monday. The gauge has now spurted over 1,090 points in six straight sessions. The broader 50-issue Nifty crossed 7,900-mark for the first time in its history and touched a high of 7,918.55 before settling at 7,897.50 -a new peak at close.

Its previous record closing of 7,874.25 and intra-trade record high of 7,880.50 was touched in Tuesday's trade. Only BSE IT and Teck indices closed in the red while 10 other indices finished up with 0.13-2.25 per cent gains.

"Profit booking was seen in banking at higher levels. Capital good stocks also dragged indices with profit booking coming in. Auto stocks provided strong support," said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities.