Sensex reclaims 26,000-level,up 311pts as funds chase earnings

Extending its upmove for the sixth straight session, the benchmark Sensex today surged nearly 311 points to reclaim the 26,000-mark at close as overseas investors bought bluechips on encouraging corporate earnings.
This is the second time in its history that the BSE Sensex has ended above 26,000 mark as it concluded at 26,025.80, a rise of 310.63 points, or 1.21 per cent. It had closed above this level on July 7, 2014 (26,100.08).
The barometer has gained over 1,018 points in six sessions, helping it rise over 2.3 per cent so far in July.
Bharti Airtel, which nearly 5 per cent, was the best gainer in the 30-share pack today. It was followed by RIL, HDFC and TCS that have recently posted better-than-expected earnings.

On similar lines, the 50-share NSE index Nifty rose 83.65 points, or 1.09 per cent, to settle the session at 7,767.85, after scaling an intra-day peak of 7,773.85.
Brokers said the investor sentiment was firm amid persistent inflow of foreign funds. Improving macroeconomic indicators, monsoon progress and positive global cues have also supported the buoyancy in domestic markets, they said.

Telecom stocks flared up after Idea Cellular's results yesterday and after regulator TRAI yesterday recommended allowing sharing of all categories of airwaves held by operations including spectrum allocated at old price.
Among major earnings today, Kansali Nerolac and Thermax reported results.

However, most midcap and smallcap stocks ended flat or down on a wave of profit-booking, traders said.
Sectorwise, the BSE Teck sector index was the star performer by rising 2.02 per cent, followed by IT index 1.78 per cent, Oil and Gas index 1.74 per cent, Consumer Durables 1.16 per cent, among others.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 161.17 crore yesterday as per provisional data.