Gains in IT stocks drive Sensex 205 pts higher to record close; Nifty near 19,750

On Tuesday, the Indian stock market witnessed profit booking except for IT stocks. Sensex touched its highest level and Nifty touched a fresh high before closing at 19,749. Infosys was the top gainer with a 3.7% rise followed by Asian Paints, HCL Tech and Reliance Industries. Most of the major sectors ended in the red, except Nifty IT which rose 1%. Analysts stated that the undertone remained bullish due to India’s strong economic performance and hopes that the US rate hike cycle could be nearing the end.