Sensex gains 152 points to close at lifetime high

MUMBAI: Equity benchmark Sensex rose by 152 points to close at its fresh lifetime high on Tuesday on the back of gains in index majors HDFC, Bharti Airtel and Infosys amid positive trends in the global markets.

The 30-share index closed 151.81 points or 0.28% higher at its lifetime peak of 54,554.66, while the broader NSE Nifty advanced 21.85 points or 0.13% to 16,280.10.

Bharti Airtel was the top gainer in the Sensex pack, rising around 4%, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech.

On the other hand, Tata Steel, NTPC, ITC and PowerGrid were among the laggards.

“Domestic equities witnessed high volatility today and benchmark Nifty after recording fresh all-time high fell sharply mainly led by heavy selling pressure in metals, PSU banks and realty stocks,” said Binod Modi, head strategy at Reliance Securities.

However, financials (ex- PSU banks) continued to support market and arrested sharp fall, he said, adding that IT stocks remained in focus as high volatility in market provided an edge to safer bet like IT companies.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red. Equities in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 1.03% to $69.75 per barrel Sectorally,

BSE telecom, teck, IT, bankex and energy indices rose up to 2.07%, while metal, basic materials, realty, utilities and power indices fell up to 2.27%.

Broader midcap and smallcap indices fell up to 2.05%.

A strong rebound in midcap and small cap stocks in recent months made investors to book profit against the backdrop of rising Delta variant cases in various parts of the world.

S Ranganathan, head of research at LKP securities said, “What started as a sell-off in metal stocks dramatically triggered a sell-off today in the Small-Cap Index after rallying for several months. The Midcap Index and the PSU banks too were also not spared as both Investors & Traders booked profits. The Index at close was not reflective of the mood as the breadth was very weak”.

After a steady rally in the previous months, the small and mid-cap stocks are seeing consolidation for the past few sessions while buying interest has shifted to large caps, he added.