STOCK MARKET NEWS: Sensex ends above 31,800, Nifty over 9,800 for first time ever; ONGC up 2%

STOCK MARKET NEWS - Benchmark indexes ended marginally higher but eked out to record closing highs on Wednesday with Nifty50 ending above the 9,800 mark for the first time ever led by oil & gas and energy stocks, which rose on the back of higher crude prices. Gains were however capped as investors remained on edge ahead of the June CPI data.

June CPI is expected to have cooled to a record low of 1.7%, according to a Reuters poll, easing further from May's 2.18%. A lower inflation for the month of June will intensify the pressure on RBI to cut rates in the next monetary policy review meet.

S&P BSE Sensex ended at new closing high of at 31,804, up 57 points for the day. Nifty50, on the other hand, also achieved new milestone, setting at new high of 9,816, up 30 points.

Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1% and S&P BSE Smallcap up 0.6%.

Markets are also keeping an eye on corporate earnings including from TCS on Thursday and Infosys on Friday, kicking off the earnings season for the June quarter.

"Nifty traded range bound but finally settled with decent gains, thanks to buying in select index majors. It opened with an uptick and remained range bound thereafter, indicating caution ahead of the macroeconomic data viz. IIP and CPI inflation. However, there was no shortage of trading opportunities on stock specific front and participants remained busy till the end," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Adding: "Markets will react to the macroeconomic data in early trade tomorrow and then focus would return to the TCS's result. We reiterate our bullish view on markets and suggest maintaining buy on dips approach. Also, be selective now and prefer hedged positions."

GET UPADTES ON MARKET NEWS