Sensex soars to all-time high

MUMBAI: The BSE Sensex overcame a choppy start to finish at a fresh lifetime high on Friday, propelled by bank and metal stocks amid a bullish trend in overseas markets. Global equities marched higher after US senators agreed on a bipartisan infrastructure deal, with investors wagering on more stimulus measures in the coming months.

Extending gains for the second session, the 30-share BSE benchmark closed 226.04 points or 0.43% higher at record 52,925.04. Similarly, the broader NSE Nifty advanced 69.90 points or 0.44% to 15,860.35, less than 10 points shy of its all-time closing peak.

Tata Steel was the top performer in the Sensex pack, rallying 4.65%, followed by Axis Bank, SBI, ICICI Bank, Maruti, Bajaj Finserv and L&T. Index heavyweight Reliance Industries was the biggest loser for the second straight day, tumbling 2.28%. NTPC, HUL, Titan, Asian Paints and Bajaj Auto were among the other laggards, dropping up to 1.69%.

During the week, the Sensex advanced 580.59 points or 1.10%, while the Nifty surged 177 points or 1.12%. “Domestic equities rose in today’s session mirroring an upbeat mood in the global markets after US President Joe Biden embraced Senate infrastructure deal to help stimulate the economy.

The overall mood in Wall Street was lifted since the US jobless claims ticked down as the economy heals. “On the domestic front, recovery was seen in banks and metal stocks following its consolidation during the past few days,” said Vinod Nair, Head of Research at Geojit Financial Services. Ajit Mishra, VP - Research, Religare Broking Ltd, said benchmarks are hovering near record highs largely led by a gradual pickup in economic activities as states start unlocking, the expectation of better earnings and ramp-up of vaccination. “On the flip side, the possibility of the third wave of Covid can impact market sentiments. We remain cautiously optimistic on the markets,” he added.