Sensex Closes Above 37,600 For First Time, Nifty Ends At Record 11,356

Tech Mahindra and Dr Reddy's Laboratories were the top gainers on the Nifty 50.

Domestic equity markets, extend their record-settling spree to yet another day, with the BSE Sensex gaining 112 points to close at a record 37,606 .

That marked a higher closing for the 30-scrip BSE benchmark for an eighth consecutive session. The Nifty also registered a fresh record closing high of 11,356, 36 points higher from the previous close.

​Gains amid cautious trade were led by buying witnessed in IT and pharma stocks. However, losses in PSU banking and finance shares limited the upside.

Investors will now watch the outcome of the Reserve Bank of India’s third bi-monthly policy statement of 2018-19, due for release on Wednesday.

Tech Mahindra and Dr Reddy’s Laboratories were the top gainers on the 50-scrip Nifty index, closing with gains of 3-4 per cent. Heavyweight Reliance Industries finished 2.8 per cent higher.

Tech Mahindra gained 4.3 per cent on the back of strong quarterly results.

Domestic share markets also tracked mild gains in the other Asian peers, where equities erased some of their early losses as easy monetary policy from the Bank of Japan (BOJ) is seen as positive for risk assets although a global rout in technology shares put a lid on gains.

Both Sensex and Nifty finished the month with gains of over 5 per cent.

Economists in a Reuters poll were almost evenly split over the next rate hike while inflation has been above the central bank’s medium-term target of 4 per cent for eight months and is expected to stay that way through to the end of next year.

Globally, investors will also watch the outcome of the Federal Reserve’s policy meeting due on Wednesday.

Among laggards, HDFC fell 2.6 per cent, making it the top drag on the NSE index.

InterGlobe Aviation plunged 11.4 per cent, a day after the operator of airline IndiGo reported a decline of 97 per cent in its June-quarter profit.

Idea Cellular slumped 6.3 per cent. On Monday, the telecom company reported a lower revenue for the June quarter.

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