GST, other positive cues propel indices to fresh highs
Sensex rallies 514.33pts to 57,852.54, Nifty surges to157.90 pts to 17,234.15 levels as bull-run resumes; IT, FMCG stocks shine
image for illustrative purpose
Mumbai: Markets resumed their upward march on Thursday after a day's pause as hectic buying in IT, FMCG and bank stocks propelled benchmarks to new closing highs.
The 30-share BSE Sensex rallied 514.33 points or 0.90 per cent to finish at its fresh all-time high of 57,852.54. Similarly, the NSE Nifty surged 157.90 points or 0.92 per cent to record 17,234.15.
TCS topped the Sensex gainers chart with a jump of 3.34 per cent, followed by HUL, UltraTech Cement, Dr Reddy's, Nestle India, Kotak Bank and Titan. TCS, Reliance Industries, HUL and HDFC accounted for around half of the benchmark's gains. In contrast, M&M was the top loser, tumbling 2.29 per cent after the automaker said it will slash output by up to 25 per cent owing to the global semiconductor shortage. Bajaj Auto, Bajaj Finserv, Bajaj Finance, Asian Paints and L&T were among the other laggards, dropping up to 0.79 per cent. The market breadth was positive, with 22 Sensex components ending in the green, while the remaining eight nursed losses.
"Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye US jobs data. During the afternoon session, markets added to the gains on the back of sustained buying activities by traders," said Narendra Solanki, head (equity research-fundamental), Anand Rathi.
Vinod Nair, head (research) at Geojit Financial Services, said: "Domestic indices climbed amid positive economic data, FII buying and mixed global markets ahead of the release of US job data. Economic data is nudging the performance of core sectors like capital goods and industrials while the recent high performance of the market is also tempting investors to shift to safer defensive sectors. All major sectors followed the market trend while the auto sector lost ground due to weak sales." Sectorally, BSE FMCG, IT, consumer durables, teck, basic materials and realty indices advanced as much as 1.56 per cent, while auto and oil and gas indices ended in the red. Broader BSE midcap and smallcap indices spurted up to 0.93 per cent.
