The Indian market closed at a record high as blue chip stocks gained, and as oil prices saw a sharp fall. The Sensex closed at a record high with a gain of 282 points at 36,548 and Nifty gained 75 points to post a close above 11,000 for the first time since the Union Budget on February 1 this year.

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Reliance contributed over 50% to Nifty gains, with the market cap of the stock crossing $100 billion for the first time since May 2008. Nifty now has two companies, TCS and Reliance, having market cap of over $100 billion.

Besides Reliance, HDFC twins, L&T, HUL and ICICI Bank supported the market while IT stocks except HCL Tech dragged as the rupee strengthened against the US Dollar. Infosys and TCS were amongst top losers.

While benchmark indices trade near record highs, midcaps continue to underperform. The Nifty Midcap index slipped 81 points to 18,474 and the Nifty Bank index slipped from highs, but closed with a gain of 210 points above 27,000 for the first time in last five months.

Under-performance in broader markets dragged the market breadth in favour of declines. Advance-decline ratio worsened to 2:3 at close from 4:1 at open.

In the futures market, 11,000 Nifty call saw 5 lakh shares being shed in the open interest with premium moving 47% higher. And, amongst Put calls 11,000 Put added 17 lakh shares in the open interest with premium slipping 33%. Nifty July Futures closed with a discount of 7 points against a discount of 11 points on Wednesday.

On the global front, Asian stocks closed higher, with markets shaking off some of the trade jitters seen overnight after the Trump administration announced a list of Chinese goods that may be subject to new tariffs.

After the negative reaction in the last session to tariff announcements, China markets led the advance in the region. The Shanghai composite recovered from Wednesday's sharp losses, closing up 2.2% at 2,838.30 and the smaller Shenzhen composite climbed 2.7% to 1,597.

The Nikkei 225 rose 1.2% to close at 22,188, nearly reversing its declines from the previous session with some support coming from the weaker yen. The fishery and forest sub-index led gains, rising 2.6%, while pharmaceuticals and telecommunications also recorded significant moves higher.

In Seoul, the Kospi added 0.2% to finish the day at 2,285. Technology was a mixed bag, with Samsung Electronics down 1%, while automakers climbed. Elsewhere, Hong Kong's Hang Seng Index edged up by 0.86%, with property, financials, services and utilities stocks rising more than 1%.

First Published:Jul 12, 2018 4:16 PM IST