Sensex, Nifty hit new peaks on gains in IT, banking shares
MUMBAI: Benchmark Sensex rose by 443 points to close at a new record high while Nifty settled above the 24,100 mark on Monday on buying in banking and IT shares in line with gains in Asian and European markets.
The 30-share BSE Sensex rebounded by 443.46 points or 0.56% to close at an all-time high of 79,476.19. During the day, the barometer soared 528.27 points or 0.66% to 79,561. As many as 20 Sensex shares closed higher while 10 stocks declined.The broader Nifty rose by 131.35 points or 0.55% to close at a fresh lifetime high of 24,141.95. Intra-day, the index hit a high of 24,164, just 10 points short of its lifetime high of 24,174 hit on Friday. Sensex and Nifty had hit intra-day record high levels on Friday but closed lower due to profit-taking in blue-chips.
Among Sensex shares, Tech Mahindra, UltraTech Cement, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, JSW Steel, Infosys, HDFC Bank, Tata Motors and ICICI Bank were the biggest gainers.
NTPC, State Bank of India, Larsen & Toubro, Sun Pharma, IndusInd Bank and Axis Bank were among the laggards.
“The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the US Fed in September.
This optimism contributed to the strong performance of IT stocks,” said Vinod Nair, Head of Research, Geojit Financial Services. India’s manufacturing sector output increased at a sharp pace in June as new business continued to flow in amid favourable demand conditions and resulted in record upturn in employment, an HSBC PMI survey showed. ”The consistent buying interest on dips suggests bullish control, likely continuing the current tone. The renewed strength in midcap and smallcap segments adds further positivity,” said Ajit Mishra ‘ SVP, Research, Religare Broking Ltd.
A total of 2,656 stocks advanced while 1,346 declined and 144 remained unchanged on the BSE.
In Asian markets, Seoul, Tokyo and Shanghai settled higher. European markets were trading with gains.