Sensex-Nifty hit fresh highs on strength in telecom and IT stocks

Equities: Domestic bourses on Tuesday saw strong gains in telecom, information technology and consumer staples companies. Major indices of Mumbai Stock Exchange (BSE) Sensex and National Stock Exchange (NSE) Nifty closed after touching new highs. BSE Sensex surged 52 points to close at an all-time high. The NSE Nifty also touched a fresh high of 24,600. On Monday, Sensex rose 145.52 points and Nifty 84.55 points to close at fresh highs. The stock market will be closed on Wednesday on the occasion of Moharram. The 30-share Sensex ended up 51.69 points, or 0.06 per cent, at 80,716.55. During trade, it touched 80,898.30 points with an increase of 233.44 points or 0.28 percent. The National Stock Exchange's Nifty also rose 26.30 points, or 0.11 per cent, to close at a fresh high of 24,613 points. During trade, it rose 74.55 points or 0.30 percent to 24,661.25 points. Sensex-Nifty rises for third straight day: According to analysts, the Sensex and Nifty are making record highs for the third consecutive day since Friday. The main reason for this is buying by Foreign Institutional Investors (FIIs). FIIs are buyers of Indian stocks ahead of Union Budget presentation. Despite high valuation of stocks, encouraging quarterly results from major companies have supported the market. Among the Sensex stocks, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra and Mahindra, ICICI Bank, ITC and Asian Paints were among the gainers. Among the losers were Kotak Mahindra Bank, Reliance Industries, NTPC, Ultratech Cement and Power Grid. According to stock exchange data, foreign institutional investors bought shares worth Rs 2,648.78 crore on Monday. Also Read: 7th Pay Commission: 27% hike in salary of government employees effective August 1 Position of other markets in Asia: In other markets in Asia, South Korea's KOSPI, Japan's Nikkei and China's Shanghai Composite were in gains, while Hong Kong's Hang Seng continued to lose. Liberal comments from US Federal Reserve Chairman Jerome Powell have strengthened expectations for a policy rate cut in September. Major markets in Europe were downtrend. US markets were bullish on Monday. Global oil benchmark Brent crude was down 0.80 percent at $84.13 a barrel. Also Read: Share price: Shares of these companies may take a storm after Budget.