Nifty Hits New Record High …

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The NSE Nifty hit a new record high of 7,809.20 today while Sensex was close to its life high. Indian markets extended their gains to the seventh day today after better-than-expected earnings from some blue chips and strong buying from overseas investors helped boost the Street’s sentiment.

Rohit Srivastava, a fund manager at Sharekhan, said that if Nifty manages to hold above 7,660 levels it could make an attempt to hit 8,000 levels.

Market analyst Sanjeev Bhasin expects the markets to seen some consolidation around these levels, with midcap under performance will lead to market breadth deterioration. Results season seems mixed till now with large-cap outperforming while the midcap seeing weaker than expected earnings, he added.

At 10:08 a.m., the Sensex was up 119 points to 26,145 while Nifty added 27 points to 7,795.

The gains were broad-based today with all the sectoral indices on the BSE in the green. Banking and capital goods stocks in particular saw strong buying today, with the BSE sub-indices up over 1 per cent.

Bank of Baroda with gains of nearly 3.6 per cent was the biggest Nifty gainer. Among other banking stocks, PNB, SBI and ICICI Bank rose between 1.5 per cent and 2 per cent.

Elsewhere, in other global markets, Asian stocks edged up on Wednesday as risk aversion triggered by recent geopolitical tensions continued to ebb.

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