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Strong Q2 results drive Sensex to new peak

Mumbai, October 13
The BSE benchmark Sensex today shattered records as it closed at a new high of 12.736.42 points, thanks largely to the confidence reposed by investors in the earnings potential of corporate.

The rally, which saw the index breeze past the previous record close of 12,612.38 on May 10, was also influenced by a strong trend globally.

The Sensex also touched an intra-day high of 12,756.23 before closing at 12,736.42, netting a gain of 198.44 points or 1.58 per cent over yesterday’s close of 12,537.98. Its previous record intra-day high was 12,671.11 on May 11 this year.

Similarly, the NSE’s S&P CNX Nifty soared to 3,676.05, rising by 55 points or 1.52 per cent over the previous close of 3,621.05. It is still 78.20 points away from the May 10 all-time high of 3,754.25.

Investors enthused by strong Q2 performance by IT leader Infosys Technologies, which beat market projections, became euphoric on expectations that major companies will come out with excellent working ahead of the market leader Reliance Industries scheduled to release financial results next week.

Finance Minister P Chidambaram also attributed the sharp stocks rally to higher corporate earnings and falling global crude oil prices. — PTI

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