Markets maintain record run; Sensex crosses 59K for first time
Market benchmark Sensex scaled the 59,000-mark for the first time on Thursday as investors remained in risk-on mode following the government's policy support measures for various sectors. Advancing for the third consecutive session, the 30-share BSE index climbed 417.96 points to its new closing peak of 59,141.16. It touched an intra-day record of 59,204.29. Here's more.
IndusInd Bank was the top gainer in the Sensex pack
Similarly, the broader NSE Nifty surged 110.05 points to finish at its fresh lifetime high of 17,629.50. During the session, it scaled an all-time peak of 17,644.60. IndusInd Bank was the top gainer in the Sensex pack, spurting 7.34 percent, followed by ITC, SBI, Reliance Industries, Kotak Bank, ICICI Bank, and Axis Bank. In contrast, TCS, Tata Steel, HCL Tech were among the laggards.
Banking sector expected to perform well in coming days: Expert
"Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today's market rally was driven by strong buying in banking stocks, especially in PSBs," said Vinod Nair, Head of Research at Geojit Financial Services. "The banking sector is expected to perform well in the coming days," he added.
Banks provided the much-needed ammunition to the bulls: Expert
"Asian markets traded with cuts as the fall in Chinese property stocks pushed Asian stocks down while European markets traded with positive sentiments," Nair said. S Ranganathan, Head of Research at LKP Securities, said, "Ahead of the operationalization of the National Asset Reconstruction Company (NARCL), banks provided the much-needed ammunition to the bulls to notch up record highs of 59K on the Sensex."
BSE midcap and smallcap gauges rose up to 0.48 percent
BSE Bankex was the biggest sectoral gainer, jumping 2.12 percent, followed by energy, finance, FMCG, and oil & gas indices. It and basic materials were among the losers. In the broader market, the BSE midcap and smallcap gauges rose up to 0.48 percent. Asian equities sank after the liquidity crisis at Chinese real estate major Evergrande Group fanned fears of a broader contagion.
Brent crude trading at $75.58 per barrel
Foreign Institutional Investors (FIIs) were net buyers in the capital markets as they purchased shares worth Rs. 232.84 crore on Wednesday, as per provisional exchange data. Bourses in Shanghai, Seoul, Tokyo, and Hong Kong ended with significant losses. However, equities in Europe were trading with robust gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.16 percent to $75.58 per barrel.