Indian indices ended at a record close on Thursday as IT stocks trimmed some losses after falling in early deals despite robust results of Wipro and Infosys. Gains in FMCG, pharma and auto sectors also lifted the sentiment.
The Sensex ended 92 points higher at its closing high of 49,578 while the Nifty rose 31 points to its record close of 14,595.
Heavyweights TCS, RIL, L&T and ITC contributed the most to the benchmarks.
The Nifty energy index was the top index gainer, rising 1.4 percent.
”We are seeing more of a balancing act in the markets right now. Some bank stocks are catching up and IT stocks, which had a good run, are seeing some profit taking,” said Ajit Mishra, vice president, research at Religare Broking.
”We may see a bit of pause (in the rally)… Earnings is the next biggest trigger for the markets.”
Infosys Ltd shares, which rose over 6 percent this week in the run-up to the company’s results on Wednesday, fell 1.2 percent.
Shares of Steel Authority of India fell 10 percent after India’s largest state-owned steel maker said the Indian government has proposed to sell 10 percent stake in the company at a discount.
Shares of Hindustan Aeronautics Ltd jumped nearly 9.5 percent, a day after the government said it would buy 83 fighter aircraft from the company.
(With inputs from PTI)
