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Millennium Post

Record run: Sensex up by 117 to 26,560, Nifty by 31 to 7,936

In yet another historical movement, both the key indices hit their new closing peaks as the Sensex ended up by 117 points at 26,560.15 and the Nifty by 31 points at 7,936.05 on short-coverings triggered by some positive developments, extending gains for the fifth straight session.

The market mainly buoyed by the government's overnight notification to increase the foreign direct investment (FDI) limit to 49 pct from 26 pct in the defence sector. As a result, shares of defence equipment makers like BEL and BEML were stuck at their upper circuit limit of 20 pct and 5.0 pct respectively at close.

The market participants hoped more reforms to come in next few days mainly in infrastructure sector, from this market-friendly government. Persistent buying by foreign funds and firm Asian cues also aided the rally.

The benchmark S&P BSE 30-share Sensex resumed on strong footing and was trapped in a narrow range between 26,599.12 and 26,492.50 before registering its fresh closing high of 26,560.15, a net rise of 117.34 points (0.44 per cent). Brokers attributed narrow range of trading to alternate bouts of buying and selling ahead of the expiry of August contract on Thursday.

The 50-issue CNX Nifty of the NSE opened higher and moved in a tight range of 30 points before ending up by 31.30 points (0.40 per cent) at 7,936.05 — new closing peak. Select shares from refniery, auto, IT, consumer durable, banking and FMCG were in demand while realty, power and metal attracted profit-booking. FPIs injected Rs 364.72 crore on Tuesday as per provisional data from the stock exchanges.
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