Nifty breaches 17K, Sensex tops 57K

The Nifty50 on Tuesday closed above the 17,000 mark for the first time, while the Sensex soared past the 57,000 level. The index of 50 bluechip stocks took just 19 trading sessions to scale the latest 1,000 points. The Sensex jumped 663 points, or 1.2 per cent, to end at 57,552 on Tuesday. The index has now set its eyes on the 60,000 milestone. It rose 9.44 per cent in August — the most since November 2020 —making India the best-performing major global market in the month. The surge in August saw India’s market cap top the ~250-trillion mark. The latest upmove in the market has been underpinned by strong domestic inflows coupled with hopes of a strong revival in the economy and corporate earnings. The US Federal Reserve’s assurance that an increase in interest rates is some time away has given the market bulls more ammunition to take them higher.