Indices hit record highs; RIL, ONGC, IT stocks led the rally

Indian market continued with stellar show today, with the  benchmark indices hitting all-time highs as IT,  bank,  Reliance Industries (RIL) stocks rallied after posting record quarterly profits, while ONGC gained after the refiner announced that it would buy a majority stake in Hindustan Petroleum Corp Ltd (HPCL).

After hitting the day's high of 35827.70 points, Sensex closed 0.81% higher at 35,798.01, while Nifty50 settled at 10,966.20, up 0.66%. 

Shares of information technology (IT) companies were trdading higher, with the S&P BSE and  Nifty IT indices rising over 2%. Tata Consultancy Services (TCS) hit a new high crossing Rs 3,000 mark on BSE.

Mindtree, Take Solutions, Tata Elxsi, Zensar Technologies, NIIT Technologies, Tech Mahindra and MphasiS were up in the range of 1% to 6% on the NSE today.

Nifty IT hit the high of 12,924.60 points, while BSE IT saw a high of 12512.52 points. 

However, Wipro Ltd slid as much as 3.6% after the software services exporter posted an 8.5% drop in third-quarter profit on increase in one-off provisions.

In past three months, Nifty IT index has rallied 13% as compared to 7.5% rise in the Nifty 50 index. In past one month, the IT index was up 7.4% against 3.8% gain in the benchmark index.

ONGC shares jumped as much as 6.3% to their highest in nearly a year after the explorer said it would buy a majority stake in state-run refiner HPCL for $5.8 billion.

HPCL stock was down 3.55% on the BSE, as analysts say the premium paid was smaller than expected. 

RIL stock closed 4.18% higher after the company posted a record net profit in the third quarter and  RJio made profit for the first time.

Indian shares rallied as a string of positive corporate results and recent government measures, including a cut in the goods and services tax (GST) for some sectors.

Overall, the mood was quite positive. In the  Nifty 50, 27 stocks advanced against 23 trailed. 

Energy companies were among the top gainers, with the S&P BSE Energy index closing 2.42% higher, its second straight session of gains. 

In the banking sector, YES Bank, Kotak Mahindra Bank, Axis Bank and IDFC Bank were among gainers, while ICICI Bank, SBI and PNB trailed on the NSE. 

Wipro Ltd slid as much as 3.6 percent after the software services exporter on Friday posted an 8.5 percent drop in third-quarter profit on one-off provisions.