Sensex, Nifty soar to life-time highs

Benchmark indices Sensex and Nifty on Thursday raced to close at life-time high levels on the back of gains in index majors HDFC Bank, L&T and HCL Tech amid signs of recovery in earnings. The 30-share BSE index rose by 254.75 points or 0.48 per cent to close at its life-time high of 53,158.85. It touched a record intra-day peak of 53,266.12. The broader NSE Nifty rose by 70.25 points or 0.44 per cent to a record of 15,924.20. It hit a record intra-day peak of 15,952.35.

"As global investors digest inflation data and the US Fed commentary, Dalal Street bulls were seen betting on economic recovery as IT stocks continue to power the indices to new highs. Markets seemed in no mood to oblige investors waiting on the sidelines for a correction as sector rotation played its part during the session. Capital Goods made a smart comeback across market capitalisation and the broader market was buzzing with action across cement, real estate and pharma names," said S Ranganathan, head (research) at LKP Securities.

"Indian indices extended gains to all-time high supported by positive Asian market and rally in reality, IT, financials and metals stocks, in anticipation of robust Q1 earnings and recovery in demand. Asian markets were positive as China reported better than projected economic data and the global market was boosted by the accommodative stance in the Fed official's statement, reducing risk of change in rates," Vinod Nair, head (research) at Geojit Financial Services. Binod Modi, head (strategy) at Reliance Securities, said: "Continued rebound in IT stocks followed by financials supported today's rally. We note strong revenue performance and strong deal wins reported by key IT companies in 1QFY22 attracted investors toward IT pack. Baring auto, pharma and PSU Banks, buying momentum was visible in most of key sectors."