Sensex, Nifty retreat from record highs

Late selling in bluechips like Reliance Industries, ITC, Infosys, TCS and Bharti Airtel dragged down the index from record level to close flat.

The 50-share Nifty of NSE scaled all-time high of 10,114.85 points in day trade but closed flat at 10,020.55 as with 33 index constituents ended with losses.

The Sensex closed marginally higher by 0.84 point at 32,383.30.

During the day, the barometer rallied over 260 points to touch fresh high of 32,642.91 following buying spree in financials, banks, realty, auto, IT, FMCG and oil&Gas stocks.

The benchmark BSE Sensex retreated from record high levels to close flat at 32,383.30 due to selling in IT, pharma, oil&gas and teck stocks.

Major gainers were, HDFC (3.91 percent), HDFC Bank (1.34 percent), Maruti (1.28 percent), ICICI Bank (1.18 percent), HUL (1.17 percent) and SBIN (1.10 percent).

The Sensex resumed higher at 32,519.44 and moved between 32,646.21 and 32,492.01 in morning trade. It was trading at 32,642.91, showing a gain of 260.45 or 0.80 percent at 11.05 am.

The broader Nifty was trading up by 81.15 points or 0.81 percent at 10,101.80.

Hectic shortcovering in view of July expiry day amid dovish stance by the US Federal Reserve and optimism over slew of corporate earnings later in the day spurred the buying momentum.

The benchmark BSE Sensex rallied over 260 points to mark fresh high of 32,642.91 in late morning session following buying spree in financials, banks, realty, auto, IT, FMCG and oil&Gas stocks.

The broader nifty registered new milestone by trading above 10,100-level.

Major contributors to the indices were HDFC Ltd, Asian Paints, Maruti Suzuki, HDFC Bank, Hindustan Unilever, TCS, Hero MotoCorp, Bajaj Auto, Tata Motors, Axis Bank, M&M and Infosys, rising by up to 2.55 percent.

Stock of India's fourth-largest software services exporter, HCL Technologies climbed 3.20 percent to Rs 920 after the company reported a 6.1 percent rise in consolidated net profit at Rs 2,171 crore for the first quarter ended June.

The 50-share NSE Nifty gained 47.75 points, or 0.47 percent, to trade at its lifetime high of 10,068.40.

Reflecting the overall trend, all the sectoral indices led by realty, bank, IT, technology and power were trading in the positive zone, with gains of up to 1.93 percent.

Rising for the second day in a row, the 30-share index rose by 150.88 points, or 0.46 percent, to hit a new peak of 32,533.34.

The gauge had gained 154.19 points in the previous session to close at a record high at 32,382.46. It had also touched an intra-day lifetime high of 32,413.63.

Stocks, bonds and commodities were all on a roll in Asia on Thursday, as bulls scented a softening in the Federal Reserve`s confidence on inflation that promised to keep US interest rates low for longer than some had expected.

MSCI`s broadest index of Asia-Pacific shares outside Japan climbed 0.9 percent to heights not seen since December 2007. It has gained over 5 percent so far this month.

The rupee surged by 21 paise to 64.16 against the US currency in early trade at the Interbank Foreign Exchange today as the dollar weakened globally after the US Federal Reserve kept policy rates unchanged.

Increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.

The benchmark BSE Sensex soared to a fresh life-time high of 32,533.34 and the NSE Nifty hit a new high of 10,068.40 in opening trade on Thursday on continued buying by investors driven by encouraging earnings by corporates amid positive global cues.