Mumbai, Jul 10 (PTI) The BSE Sensex surged by over 355

points to record a new closing high of 31,715.64 and NSE Nifty

settled above the 9,700-mark for the first time, even as

technical glitches disrupted trade on NSE for hours leaving

investors flustered.

The first session of the day’s trading was marred by

chaos on NSE — the country’s biggest stock exchange — as it

struggled to keep the trading session going.

Trading was disrupted after price quotations for

individual stocks and indexes failed to update. Following

this, officials announced stoppage of cash and F&O segment due

to technical reasons. The bourse apologised for the glitch

saying it was examining the matter to identify the cause of

the outage. Finally, trading could only begin after 1230hrs.

The finance ministry took note of it and sought a report

from Sebi on the technical glitch in the NSE system that had

led to trading disruptions. Sources in the ministry said it

was a technical problem that led to trading disruptions,

ruling out any instance of hacking.

Sources said Sebi is constantly monitoring the situation

and this sort of problem is a serious concern for the

ministry, hoping that such situations do not recur.

The 30-share BSE index resumed higher and remained in the

positive terrain throughout the day and hit an all-time high

of 31,768.39 (intra-day) before ending 355.01 points, or 1.13

per cent higher, its biggest single session gain since May 25,

at new record closing of 31,715.64, surpassing its previous

record high of 31,369.34 hit on July 6. It had also breached

its intra-day-high of 31,522.87 points reached on June 22.

The 50-share NSE Nifty also rose by 105.25 points, or

1.09 per cent, to 9,771.05, its record closing high, breaching

its previous record high of 9,675.10 recorded on June 5. It

also touched an all-time high of 9,782.20 (intra-day),

surpassing 9,709.30 reached on June 6.

Sustained buying by domestic institutional investors kept

the momentum going in the markets today amid optimism over the

upcoming earnings season. All eyes are now on TCS which will

be among the first lot to post its earnings numbers on July

13.

The market rally was driven by strong buying in teck, IT,

PSU and healthcare counters after participants widened their

bets ahead of Q1 earnings.

“First half of the day was a complete chaos as trading

was halted in one of the major exchanges, NSE due to a

technical glitch. The trading activity resumed higher in line

with its peer exchange (BSE) and as a result, the Nifty

registered yet another all-time high way above the 9,750 mark

on a closing basis as well,” Sameet Chavan, Chief Analyst-

Technical and Derivatives, Angel Broking said.

Bharti Airtel at 5.39 per cent was the biggest Sensex

gainer, followed by TCS at 4.66 per cent, Wipro 4.64 per cent.

Coal India 3.25 per cent, Lupin 2.96 per cent, Infosys 2.46

per cent, Sun Pharma 2.42 per cent, Tata Motors 2.28 per cent,

ONGC 1.97 per cent and SBI 1.91 per cent.

Other Sensex components that also gained were L&T, Axis

Bank, Adani ports, Asian Paint, Dr Reddy’s, Tata Steel,

PowerGrid, Bajaj Auto and Cipla, gaining by up to 1.56 per

cent.

“Investors were hopeful ahead of the start of earnings

season but, a technical glitch in the NSE impeded today’s

trade. Market soared to an all-time high level after it

resumed trading, but the technical difficulties persisted and

it affected the volumes.

“Lack of clarity around today’s trade may keep the

investors a bit cautious and lend some volatility to

tomorrow s trades, but they are likely to be put aside, as

earnings and macro numbers flow in, Anand James, Chief Market

Strategist, Geojit Financial Services Ltd said.

Domestic Insgtitutiolnal Investors (DIIs) bought shares

woreth Rs 720.08 crore, while Foreign portfolio investors sold

shares worth a net Rs 522.08 crore on Friday, as per

provisional data from stock exchanges.

However, M&M, ITC Ltd and Hind Unilever retreated on

profit-booking.

Sector-wise, BSE teck index gained the most by rising

2.95 per cent, followed by IT index 2.92 per cent, PSU 1.74

per cent, metal 1.43 per cent, capital goods 1.19 per cent,

healthcare 1.14 per cent, bank 1.06 per cent, power 0.99 per

cent, realty 0.95 per cent and oil&gas 0.90 per cent.

In tandem with overall trends, the broader markets too

turned bullish as buying activity gathered momentum lifting

the mid-cap index by 0.67 per cent and small-cap by 0.43 per

cent.

In the Asian region, Japan’s Nikkei rose 0.76 per cent,

Hong Kong’s Hang Seng rose 0.63 per cent, while China’a

Shanghai Composite Index fell 0.17 per cent.

European indices such as Germany, France and the UK were

trading in the green in early trade.

This is published unedited from the PTI feed.