HDFC, TCS gains push Sensex, Nifty to record highs

MUMBAI: Equity benchmark indices Sensex and Nifty rebounded sharply to hit record fresh highs on Thursday, propped up by buying in IT, consumer durables and financial stocks amid expectations of a robust corporate performance.

Besides, investors lapped up select banking stocks expecting a status quo in the interest rate decision of the RBI’s monetary policy committee, analysts said.

The 30-share BSE Sensex surged 350.81 points or 0.47 per cent to settle at its lifetime high of 74,227.63. During the day, the index oscillated between the high of 74,501.73 and the low of 73,485.12.

The broader NSE Nifty also hit its fresh peak of 22,514.65, gaining 80 points or 0.36 per cent. As many as 31 components of the 50-share benchmark ended with gains.

Both indices had ended lower in the previous two sessions. On March 7, Sensex recorded its previous peak of 74,119.39. Nifty scaled its previous high of 22,493.55.

“Market breadth displayed a positive trend within a narrow trading range, with attention focused on the RBI’s upcoming monetary policy announcement tomorrow. Expectations lean towards the likely status quo in the repo rate due to prevalent inflation worries.

“Meanwhile, the broader market has shown resilience in select sectors like banks in anticipation of decent Q4 results and exports based on composite PMI data reflecting strong business conditions,” Vinod Nair, head of research, Geojit Financial Services, said. Among the Sensex constituents, 20 stocks ended the session in green with HDFC Bank, Titan, Tech Mahindra, and Asian Paints being the major gainers.