Nifty rises marginally to hit new lifetime high on sharp gains in IT shares

    Mumbai, Aug 28 (PTI) Equity benchmark Nifty rose marginally to hit a fresh lifetime high of 25,052, and Sensex gained over 70 points on Wednesday, helped by buying in IT, tech and healthcare stocks amid a largely positive global market.
    Foreign capital inflows and lower global crude oil prices kept the investor sentiment optimistic, traders said.
     "However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week. On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks," Vinod Nair, Head of Research, Geojit Financial Services, said.
    Rising for the tenth straight session, the NSE Nifty went up by 34.60 points or 0.14 per cent to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44 per cent to hit a fresh intra-day all-time peak of 25,129.60.
     Extending its winning run to the seventh day in a row, the 30-share BSE Sensex climbed 73.80 points or 0.09 per cent to settle at 81,785.56. During the day, it jumped 327.5 points or 0.40 per cent to 82,039.26.
    "Nifty failed to sustain mid-day gains and closed near the flatline for the day. However, it managed to touch a new all-time of 25,129.60, making 25,000 a crucial support level now. Nifty IT index was the biggest gainer on the sectoral front, rising 1.64 per cent.
    "The IT index has now gained for three consecutive sessions on the back of Fed's interest rate cut comments. With India VIX gaining 2 per cent, broader markets midcap and small-caps closed in the red. Going ahead, US and Indian GDP data and tomorrow's monthly F&O expiry will be key to monitor," Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said.
    Among the 30 Sensex firms, Bharti Airtel, Infosys, IndusInd Bank, Sun Pharma, Tech Mahindra, Mahindra & Mahindra, Bajaj Finance and JSW Steel were the biggest gainers.
     On the other hand, Asian Paints, Maruti, Nestle, Kotak Mahindra Bank, Axis Bank and UltraTech Cement were among the laggards.
     Shares of Orient Technologies Ltd on Wednesday ended with a premium of nearly 48 per cent against the issue price of Rs 206.
    The broader market depicted a mixed trend, with the BSE midcap rising marginally by 0.04 per cent while the small-cap gauge dipped 0.12 per cent.
    Among the indices, teck jumped 1.31 per cent, IT soared 1.24 per cent, healthcare (0.91 per cent), and telecommunication (0.48 per cent).
    Commodities, consumer discretionary, industrials, utilities, bankex and capital goods were among the laggards.
    In Asian markets, Seoul and Tokyo settled higher, while Shanghai and Hong Kong ended lower.
    European markets were trading in positive territory. The US markets ended with marginal gains on Tuesday.
    "The market has entered a consolidation phase with low volatility, and this trend is likely to continue in the near term. Falling bond yields in the US have restrained FII selling, and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy.
    "This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
    Foreign Institutional Investors (FIIs) bought equities worth Rs 1,503.76 crore on Tuesday, according to exchange data.
    Domestic Institutional Investors (DIIs) offloaded equities worth Rs 604.08 crore.
    Global oil benchmark Brent crude declined 0.82 per cent to USD 78.90 a barrel.
    After oscillating between highs and lows, the BSE benchmark eked out a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76 on Tuesday. The NSE Nifty ended almost flat, up 7.15 points or 0.03 per cent, at 25,017.75 -- its ninth straight session of gains.

(This story has not been edited by THE WEEK and is auto-generated from PTI)