BSE Sensex rises to 2-week high on robust bluechip earnings

The BSE Sensex rose for the fifth day and ended 73 points higher at a two-week closing peak on continued foreign capital inflows after bluechips, including RIL and HDFC, reported robust quarterly earnings.

Brokers said improving macro-economic indicators, monsoon progress and positive cues from global markets supported the buoyancy in domestic indices.

The 30-share index of the Bombay Stock Exchange resumed higher at 25,776.54 and firmed up further to 25,861.15 on initial buying coupled with higher global cues. However, it lost some momentum due to fag-end selling pressure as Asian markets turned lower amid a weak start in the European markets.

The Sensex ended at 25,715.17, showing a gain of 73.61 points or 0.29 per cent. This is its best closing since July 7 when it crossed 26,100-mark. With today's gain, the Sensex has gained over 700 points in five straight sessions.

The 50-share National Stock Exchange Nifty moved up by 20.30 points, or 0.26 per cent, to end at 7,684.20.

The earnings season had started on a good note with tech giants Infosys and TCS exceeding investor expectations, brokers added.

"Selective buying in index heavyweights and particularly FMCG sector maintained buying momentum on the bourses," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Meanwhile, shares of Reliance Industries (RIL) on Monday rose by 2 per cent after the company posted better-than-expected results on Saturday.

HDFC shares gained 3 per cent after it poster higher consolidated profit. HDFC Bank scrip, however, slipped even as it reported 21 per cent growth in June quarter profit.

Foreign Portfolio Investors bought shares worth a net Rs 574.47 crore on last Friday according to provisional data.

Asian stocks ended lower as indices in China, Hong Kong and South Korea declined by 0.05-0.29 per cent while indices in Singapore and Taiwan moved up by 0.11-0.43 per cent.