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Sensex, Nifty Hit Fresh Record Closing Highs

Indian shares logged modest gains on Monday to hit fresh record closing highs as weak U.S. inflation and retail sales data dimmed prospects of more Fed rate hikes this year and Chinese GDP figures topped forecasts.

The benchmark BSE Sensex rose 54.03 points or 0.17 percent to 32,074.78 while the broader Nifty index ended up 29.60 points or 0.30 percent at 9,915.95.

IT stocks led the gains after Wipro announced a share buyback. While Wipro shares rallied 3.3 percent, Infosys rose 1.4 percent and HCL Technologies advanced 2.2 percent.

Market heavyweight Reliance Industries crossed the Rs 5 lakh crore market capitalization for the first time ever before closing about 1 percent higher.

On the flip side, ITC lost 4.1 percent and rival Godfrey Phillips tumbled 3.1 percent on reports that the government may increase cess on cigarettes.

Fortis Healthcare plummeted 8.4 percent and Religare Enterprises shed 3.6 percent after India Ratings and Research downgraded RHC Holding's NCDs to default. RHC Holding owns shares in Fortis and Religare.

Globally, other Asian markets closed mostly higher while European stocks were subdued in early trade after three days of gains.

by RTT Staff Writer

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