The Telegraph
Wednesday , July 23 , 2014
CIMA Gallary

Corporate show propels stocks

Mumbai, July 22: Extending its gains for the sixth straight session, the benchmark Sensex today surged nearly 311 points to reclaim the 26000-mark at close as overseas investors bought bluechips on encouraging corporate earnings.

This is the second time in its history that the BSE Sensex has ended above the 26000 mark as it concluded at 26025.80, a rise of 310.63 points, or 1.21 per cent. It had closed above this level on July 7, 2014 (26100.08).

The barometer has gained over 1018 points in six sessions, helping it to rise over 2.3 per cent so far in July.

Bharti Airtel, which rose nearly 5 per cent, was the best gainer in the 30-share pack today. It was followed by RIL, HDFC and TCS that have recently posted better-than-expected earnings.

The 50-share NSE index Nifty rose 83.65 points, or 1.09 per cent, to settle at 7767.85, after scaling an intra-day peak of 7773.85.

Brokers said the investor sentiment was firm amid persistent inflow of foreign funds. Improving macroeconomic indicators, the progress of monsoon and positive global cues also supported the buoyancy in domestic markets.

Telecom stocks flared up following Idea Cellular’s results and Trai’s recommendation on allowing the sharing of all categories of airwaves.