BENGALURU, July 16 (Reuters): India's benchmark indexes notched record closing highs on Tuesday, buoyed by gains in heavyweight information technology stocks amid prospects of a US interest rate cut in September and a strong earnings outlook.
The NSE Nifty 50 rose 0.11 per cent to 24,613, while the S&P Sensex closed 0.06 per cent higher at 80,716.55.
The blue-chip indexes rose about 0.3 per cent to hit all-time highs earlier in the session.
"The bias for domestic equities remains positive, aided by strong earnings outlook and rising hopes of early US rate cut," said Harsha Upadhyaya, chief investment officer and president at Kotak Mahindra Asset Management.
IT stocks gained 0.6 per cent, helped by expectations of a US rate cut in September and a positive earnings outlook for the sector following Tata Consultancy Services and HCLTech's first-quarter results.
IT companies earn a significant share of their revenue from the United States, and a rate cut in the world's largest economy could spur further foreign inflows into Indian equities.
While the benchmarks advanced, nine of the 13 major sectors logged losses on the day.
Small- and mid-caps erased gains after hitting record highs earlier in the session to end flat.
The upward momentum in domestic equities is likely to continue ahead of the national budget on July 23 but bouts of profit booking at current levels cannot be ruled out, said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services.
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