Sensex rallies 663 points to close above 57K-mark
MUMBAI: Equity benchmarks galloped to record highs for yet another session on Tuesday, with the Sensex closing above 57,000 for the first time while the Nifty scaled the 17,000-mark as investors remained in buying mode amid growth optimism and bullish global cues.
Market sentiment was positive ahead of the release of Q1 GDP data, traders said, adding a strengthening rupee added to the momentum. Rising for the fourth session on the trot, the 30-share BSE Sensex soared 662.63 points or 1.16% to its fresh record close of 57,552.39. It touched a lifetime high of 57,625.26 during the session. The market capitalisation of BSE-listed companies jumped to an all-time high of ₹250 lakh crore at close of trade. It took the Sensex just two sessions to climb from the 56,000 closing level to the 57,000-mark. The broader NSE Nifty extended its winning streak for the seventh day, rallying 201.15 points or 1.19 per cent to an all-time closing peak of 17,132.20. It touched an intra-day record of 17,153.50. Bharti Airtel was the top gainer in the Sensex pack, rallying 6.99%, a day after its chairman Sunil Bharti Mittal indicated raising tariffs. Bajaj Finance, Bajaj Finserv, Asian Paints, Titan, TCS and Tech Mahindra were among the other major gainers, spurting up to 4.94 per cent. In contrast, Nestle India, IndusInd Bank and Reliance Industries were the only laggards, shedding as much as 1.55%.
“Led by bulls, domestic indices breached record highs amid broad-based buying due to continuation of Fed’s dovish policy and the expected release of domestic GDP data,” said Vinod Nair, head of research at Geojit Financial Services. Domestic equities extended gains with Nifty surpassing 17,000 levels within a month, said Binod Modi, head—Strategy at Reliance Securities.
“Sustained buying momentum across all sectors and favourable global cues aided markets. All key sectoral indices traded in green with metals, financials (excluding banks) and pharma witnessing stronger recovery,” he noted.
Bharti Airtel was in focus again due to clarity over fund raising and indication of tariff hike. However, midcap and smallcap stocks underperformed on profit-booking, he said. All sectoral indices ended on a positive note, with BSE telecom, teck, utilities, healthcare and metal indices rallying up to 4.90%.
Broader BSE midcap and smallcap indices rose up to 0.86%.
World stocks maintained their upward trajectory on economic recovery hopes, bolstered by dovish comments from the US Federal Reserve.