Sensex, Nifty scale fresh peaks again
After scaling its all-time peak of 54,717.24 during the day, the 30-share BSE Sensex settled 123.07 points or 0.23% higher at its new closing record of 54,492.84
image for illustrative purpose
Equity indices defied gravity for the fourth straight session to finish at fresh lifetime highs on Thursday as investors accumulated IT, telecom and FMCG stocks ahead of RBI's policy decision. A strengthening trend in the rupee and unabated foreign fund inflows have bolstered market sentiment, traders said.
After scaling its all-time peak of 54,717.24 during the day, the 30-share BSE Sensex settled 123.07 points or 0.23 per cent higher at its new closing record of 54,492.84. In similar movement, the broader NSE Nifty rose 35.80 points or 0.22 per cent to its lifetime peak of 16,294.60. It touched an intra-day record of 16,349.45.
Bharti Airtel was the top gainer in the Sensex pack, surging 4.30 per cent, while Reliance Industries spurted 1.41 per cent as investors wagered on a two-player telecom market after Kumar Mangalam Birla stepped down as chairman of debt-laden rival Vodafone Idea. ITC, Tech Mahindra, Tata Steel, HCL Tech and HDFC Bank were the other prominent winners, jumping up to 3.14 per cent.
On the other hand, SBI, IndusInd Bank, Bajaj Finance, ICICI Bank, Bajaj Finserv and UltraTech Cement were among the laggards, tumbling up to 3.33 per cent. "Domestic benchmark indices extended gains as rebound in IT and metals supported them to scale new highs. Additionally, recovery in FMCG stocks and RIL supported market," said Binod Modi, Head - Strategy at Reliance Securities.
However, it was again not a broad-based rally as profit booking in midcap and smallcap stocks remained visible, he added. Vinod Nair, Head of Research at Geojit Financial Services, said, "Despite witnessing consolidation in the opening session, large caps managed to continue trading at record high levels with the support from IT, Metal and FMCG stocks."
