Twin Peaks: Sensex Scales 85,000, Nifty Crosses 26k

After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns - Vinod Nair, Head (Research), Geojit Financial Services

Mumbai: Benchmark Sensex closed above the 85,000 level for the first time, while Nifty scaled the 26,000 peak at close on Wednesday as fag-end buying in banking and power shares helped stock markets recoup early losses.

After a see-saw trade during the day, the 30-share BSE Sensex rose by 255.83 points or 0.30 per cent to settle at an all-time high of 85,169.87. During the day, it surged 333.38 points or 0.39 per cent to hit a record intra-day peak of 85,247.42. As many as 20 Sensex shares closed in green while 10 in red. The broader Nifty climbed 63.75 points or 0.25 per cent to close above the 26,000 level for the first time. The 50-issue index closed at a record high of 26,004.15 after scaling a new intra-day peak of 26,032.80. The market capitalisation (mcap) of BSE-listed companies was Rs4,75,25,120.73 crore (Rs475.25 lakh cr or $5.69 trn).

“After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns. The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation,” said Vinod Nair, head (research), Geojit Financial Services.

The BSE midcap gauge declined 0.53 per cent and smallcap index dipped 0.35 per cent.

“Nifty-50 recovered from day’s low in the last leg of the trade to end at record close. A brief China-led rally seemed to be dying out, leaving shares in Europe and Asia mixed on Wednesday after a strong start that had extended overnight gains on Wall Street,” said Deepak Jasani, head (retail research), HDFC Securities.