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Sensex gained 125 points to a record high on sustained buying by institutional and retail investors after the Union Cabinet cleared the proposal to hike foreign direct investment in insurance sector to 49 per cent from 26 per cent.
The benchmark index opened on a positive note at 26,188 against the previous close of 26,147. It made a high of 26,293 and low of 26,078 before closing at 26,272. The turnover on BSE was up marginally at Rs 3,108 crore against Rs 3,029 crore on Wednesday.
On the NSE, Nifty soared to a new high of 7,831 after gaining 35 points.
Most steel stocks gained on BSE after China’s manufacturing index moved up to 18-month high in July. Hindalco Industries hit 52-week high at Rs 198, but closed tad lower at Rs 197.55.
Shares of Cairn India dipped 7 per cent to Rs 323 on concern over corporate governance after a loan given to its parent raised investor concern on use of the company's cash reserves. TCS gained another 0.3 per cent to hit a new high. Hindustan Unilever gained two per cent to Rs 642 after parent Unilever reported financial results.
Major gainers were Financial Tech (10%), Uco Bank (6%), Bank of India (4%), Reliance Cap (4%), SAIL (3%) and Bank of Baroda (3%).
Prominent losers were IPCA Lab (-13%), JP Power (-7%), Cairn India (-7%), Jaiprakash Asso (-6%), Sun TV Network (-4%) and ABB India (-3%)
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