Markets End on a High Note

Markets surged to a high of 18,626 in closing trades on the back of heavy buying in realty, oil & gas and auto stocks. The Sensex traded in the green through the day, on positive cues from Asian peers, ending finally at 18,596 - up 184 points. Nifty ended up 59 points at 5,585. Asian markets moved up in trades after foreign players covered short positions after steep losses a day ago. Nikkei was up 0.4% on gains in brokerage shares. Hang Seng and Shanghai Composite added 1.5% each. European markets were in the green as well. The broader markets gained in-line with the benchmark. BSE mid-cap index was up 1.3% at 6,988 while small-cap index advanced 1% at 8,341. Among other sectors, sugar and tea stocks are witnessing fresh buying with the likes of Bajaj Hindusthan, Balrampur Chini, Shree Renuka Sugars and Dwarikesh Sugars up 2-5% each. Tata Global, McLeod Russel, Assam Company, Bombay Burmah and Assam Tea are some of the tea stocks which are trading with notable gains. Among other news, the long-awaited Rs 11,500 crore share sale of state-run Oil and Natural Gas Corp (ONGC) has been deferred again and is unlikely to hit the market before mid-August.