Sensex consolidates on gains, Nifty rangebound; both finish in green

A man smokes a cigarette as he sits on a pavement along a road in Srinagar

Positive trading in most Asian markets and China's robust economic growth in June quarter boosted market sentiment.

Indian shares logged modest gains on Monday to hit fresh record closing highs as weak US inflation and retail sales data dimmed prospects of more Fed rate hikes this year and Chinese GDP figures topped forecasts. During the day, they had gone up by 5.54 per cent to Rs 273.90.

The benchmark BSE Sensex gained 0.2%, or 54.03 points, to 32,074.78 points. This was the fresh lifetime highs for both the indices. "Investors look less daunted by psychological mark as earnings season has encouraged a stock specific approach", said Anand James, Chief Market Strategist, Geojit Financial Services.

Nifty Bank also closed at an all-time high of 24,015.05, up 0.32 per cent. The stock rallied as much as 1.76 percent intraday to hit a high of Rs 1,558, the highest level since January 17, 2008. On the other hand, FMCG (down 1.75 per cent) bled the most.

The BSE realty index came out on the top with a gain of 1.28 per cent. Shares of Flexituff International (down 20 per cent) capped gains.

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Fortis Healthcare plummeted 8.4 percent and Religare Enterprises shed 3.6 percent after India Ratings and Research downgraded RHC Holding's NCDs to default.

Ahead of Wipro's board meeting this week on stock buyback and quarterly results, its shares rose by over 3% on Monday, adding Rs3,949 crore to the firm's market valuation.

The company's market valuation on BSE went up by Rs3,948.99 crore to Rs1,30,224.99 crore.

Meanwhile, the Hang Seng index surged to its fresh two-year highs to 26,470.58 up, 0.3 per cent, Reuters reported.

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