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Sensex, Nifty Rise To Fresh Highs, Wipro, Infosys In Limelight

Gains in banking stocks such as Kotak Mahindra Bank (+1%) and ICICI Bank (1%) also supported the upmove.
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Sensex, Nifty Rise To Fresh Highs, Wipro, Infosys In Limelight

Stock market indices Sensex and Nifty rose to fresh record highs amid strong buying in IT stocks such as Wipro, Infosys and Tech Mahindra. Indian stock market also drew support from positive Asian markets. Asian stocks set a fresh two-year high on Monday, boosted by stronger-than-expected economic growth in China and bets that lacklustre US data will keep the Federal Reserve cautious about the pace of further policy tightening.

The Sensex was up around 100 points, hitting a fresh high of 32,128.Nifty also rose to new high of 9,920.Among IT stocks, Infosys, Tech Mahindra and Wipro rose 1-2 per cent. Gains in banking stocks such as Kotak Mahindra Bank (+1%) and ICICI Bank (1%) also supported the upmove. Market heavyweight Reliance Industries (+1%) was also in the limelight.

ITC (down around 2 per cent) was among the top Nifty50 losers.



In Asian markets, Chinese blue-chips recouped steep early losses after data showed the world's second-largest economy grew at a slightly faster than expected pace of 6.9 per cent in the second quarter, thanks to robust industrial output, retail sales and exports.

MSCI's broadest index of Asia-Pacific shares outside Japan extended earlier gains to climb 0.4 per cent after the buoyant China readings. Japanese markets were closed for a holiday.

Asian markets also rode the updraft from a strong Wall Street performance on Friday.

The Dow and S&P 500 hit record highs after data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter which could make Fed policymakers more cautious.

The chances of a Fed rate hike in December fell to 43.1 percent after the data came out from 55 percent late on Thursday, according to the CME Group's Fedwatch tool. (With Reuters Inputs)



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