Nifty Tops 7900 for First Time, Sensex Extends Record Run

BSE Sensex and Nifty extended their record-setting rally after rising for the sixth straight session. Easing of geopolitical tensions, fund flows and weak crude prices have helped Indian markets hit new highs.

Sensex hit a new high above 26,500 when it hit 26,530 at day's high, surpassing its previous high of 26,413. Nifty also topped 7900 for first time when it hit a new life-time high of 7,918. 
Brent crude oil shed more than $2 a barrel to reach its lowest price in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.

Sentiment also got a boost from strong buying from overseas and domestic financial institutions. On Monday, foreign institutional investors bought Rs. 473 crore in Indian shares while domestic institutional investors purchased shares worth Rs. 490 crore.

The rupee was trading higher at 60.66 versus Thursday's close of 60.76/77.
The gains were broad-based today with all the sectoral indices on the BSE, barring the IT sub-index, in the green. Buying was particularly strong in metal, oil & gas stocks and capital goods stocks.

Among Nifty stocks, Sesa Sterlite was the biggest gainer, rising nearly 4 per cent. Oil marketing companies like Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Indian Oil Corporation gained on Tuesday as crude oil continued to fall on easing geopolitical tension. BPCL traded 3.06 per cent higher at Rs. 668.35 whereas HPCL was up 3.94 per cent at Rs. 457.90. IOC gained 2.94 per cent and ONGC was up around 1.5 per cent.

Elsewhere in other global markets, Asian stocks got a lift on Tuesday from an upbeat day on Wall Street, following strong US housing data and hopes of progress in the Ukraine crisis.

Foreign ministers from Russia, Ukraine, Germany, and France gathered in Berlin over the weekend to discuss talks for a ceasefire or a political solution, and Russia's Foreign Ministry said on Monday a 'certain progress' was achieved during the talks.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade, while Japan's Nikkei stock average added 0.8 per cent. US stocks marked solid gains on Monday as the Ukraine situation showed signs of stabilization. The Nasdaq Composite topped the key 4,500 mark for the first time since March 2000.
At 11:39 a.m., the Nifty was up 13 points to 7,888 while Sensex rose 26 points to 26,416.