Sensex surges to lifetime high, Nifty nears 9,700 on positive global cues

The benchmark S&P BSE Sensex extended gains in late morning deals to hit its lifetime high tracking positive trend seen in Asian markets after oil prices climbed off their 10-month lows, while investors also took cues from the minutes of Reserve Bank of India (RBI)'s June policy meeting.  The 30-share Sensex rallied as much as 215 to hit its all-time high of 31499.29, while the 50-share Nifty rose 55 points to 9689.45, 19 points away from its lifetime high of 9,709, hit on June 6.   At 11:05 am, the S&P BSE Sensex was trading at 31,482, up 199 points, while the broader Nifty50 was ruling at 9,684, up 51 points. In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.6% and 0.7%, respectively. "Going forward, we may see continuation of the bounce first towards 9,665 and then to test the 9,700 mark. On the flip side, 9,608 has now become an important support level on an intraday basis," said Angel Broking in a technical note. Future & Option Trading Tips