Stock market updates: Tech Mahindra was the top Nifty gainer.The Indian equity benchmarks edged higher on Tuesday ahead of the official announcement of first quarter economic growth data due later in the day.
The Sensex and Nifty rose around 0.2 per cent each led by gains in Infosys, HCL Technologies, Tata Consultancy Services and Bharti Airtel.
However, the upside was capped as HDFC, ICICI Bank, Reliance Industries and State Bank of India were witnessing some selling pressure on account of profit booking after yesterday's stellar run up.
The Sensex rose as much as 175 points to hit record high of 57,064.73 and Nifty 50 index touched an all-time high of 16,974.75.As of 9:21 am, the Sensex was 111 points at 57,001 and Nifty 50 index advanced 24 points to 16,955.Indian economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending, a Reuters poll found.The August 20-25 Reuters poll of 41 economists showed gross domestic product rose 20.0 per cent in the three-month period, compared with a record contraction of 24.4 per cent in the same quarter a year earlier.Meanwhile, nine of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank and Auto indexes' 0.5 per cent decline.
Nifty Bank, Financial Services, Metal and Private Bank indices were also trading marginally lower.On the other hand, IT, Media, Pharma and Telecom shares were witnessing buying interest.Mid- and small-cap shares were witnessing a mild buying interest as Nifty Midcap 100 index rose 0.12 per cent and Nifty Smallcap 100 index rose 0.32 per cent.Bharti Airtel was among the top Nifty gainers, the stock rose 1.55 per cent to Rs 630 a day after its founder chairman Sunil Mittal said on Monday that the wireless carrier wanted to improve its access to growth capital and reduce its debt leverage.
Mr Mittal added that the company will not shy away from raising prices further but will move towards it gradually.Tech Mahindra, HCL Technologies, Tata Consultancy Services, Adani Ports, Asian Paints, Wipro, Divi's Labs, Kotak Mahindra Bank, Infosys and HDFC Bank were also among the gainers.On the flipside, Tata Motors, Mahindra - Mahindra, IndusInd Bank, State Bank of India, Reliance Industries, Her MotoCorp, HDFC Life, Larsen - Toubro, SBI Life, Axis Bank and ONGC were among the losers.The overall market breadth was marginally positive as 1,390 shares were advancing while 1,189 were declining on the BSE.