Mumbai: Indian stock market continued to advance on Wednesday, reaping benefits from supportive global markets and strong inflow of foreign funds. The Sensex hit an all-time high of 41,615 while the Nifty touched a fresh high of 12,238 earlier in the day.
Sensex closed 206.40 points higher at 41,558.57. The Nifty closed at 12,221.65, advancing by 56.65 points.
Tata Group stocks except TCS ended in the red after National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as Executive Chairman of Tata Group and ruled that the appointment of N Chandrasekaran as Executive Chairman is illegal. Tata Motors fell over 3 percent to Rs 174.70 a share on the BSE, Tata Power closed at Rs 55.50 a share, down by 1 percent. Tata Chemicals fell nearly 2 percent to Rs 643.30 apiece while Tata Global Beverages Ltd declined over 4 percent to Rs 311.80 a share. However, TCS managed to end in the green despite facing selling pressure after the NCLAT order. TCS closed 0.07 percent higher at Rs 2,167.25 a share.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Market hit record highs on expectations of measures from the center to support on-going economic weakness. Metals & IT stocks traded higher on hopes that easing trade tensions could ensure global growth and increase the order intakes.
“With the budget around the corner, the government is planning to steer the ship by bringing measures to boost consumption. Investors are keenly watching the on-going GST council meet, a rate hike is looking unlikely due to a surge in inflation while the focus will be more on revenue realization,” Nair added. (IANS)
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