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Sensex, Nifty Close At Record Highs Led By ICICI Bank, Infosys

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The Indian equity benchmarks surged to record highs after two days of sluggish trading on Thursday led by gains in ICICI Bank, Larsen - Toubro, Tech Mahindra, Power Grid and HCL Technologies.

The Sensex rose as much as 348 points to hit an all-time high of 54,874.10 and Nifty 50 index touched record high of 16,375.50.The Sensex ended 318 points or 0.58 per cent higher to close at an all-time high of 54,844 and Nifty 50 index advanced 82 points to close at record high of 16,364."If Nifty sustains above 16,350 it can go up to 16,450-16,500 levels.

The momentum indicators like RSI and MACD are indicating a positive momentum to continue," Ashis Biswas, Head of Technical Research at CapitalVia Global Research told TheIndianSubcontinent.All the 19 sector gauges, barring the index of energy shares, compiled by the BSE ended higher led by the S-P BSE Utilities index's over 3 per cent gain.

S-P BSE Power, Industrials, Information Technology, Capital Goods and Realty indices also rose between 1.2-2.6 per cent.Mid- and small-cap shares witnessed buying interest after the BSE clarified on additional surveillance measures.

The S-P BSE MidCap index rose 1 per cent and S-P BSE SmallCap index climbed 2 per cent.Among the individual shares, IRCTC, the tourism and catering arm of Indian Railways, announced a stock-split in the ratio of 1:5 "to help enhance liquidity in the capital market, widen shareholder base and make the shares affordable to small investors." One IRCTC share with a face value of Rs 10 will be split into 5 shares of face value of Rs 2 each.

Following the company's move IRCTC rallied 4.64 per cent to close at Rs 2,692.Shares of the Mumbai-based luggage and travel accessories maker - VIP Industries - rose as much as 20 per cent to hit fresh 52-week high of Rs 463.30 a day after the company returned to profit in June quarter.

VIP Industries reported net profit of Rs 3.48 crore compared with loss of Rs 42 crore in the same quarter last year.Power Grid was top Nifty gainer; the stock climbed nearly 6 per cent to close at record high of Rs 186.85 after it told exchanges that will infuse Rs 425 crore in its joint venture Energy Efficiency Services Limited (EESL).

Energy Efficiency Services Limited is a joint venture between Power Grid, NTPC, PFC and REC.Tech Mahindra, Tata Motors, Larsen - Toubro, HCL Technologies, Titan, NTPC, ICICI Bank, Bajaj Auto and Tata Consumer Products were also among the gainers.On the flipside, Eicher Motors, Divi's Labs, Cipla, Indian Oil, ONGC, Bharat Petroleum, IndusInd Bank, Reliance Industries, Mahindra - Mahindra, Sun Pharma and Axis Bank were among the losers.The overall market breadth was positive as 2,357 shares ended higher while 844 closed lower on the BSE.




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