Sensex hits fresh record in early trade; Nifty above 17,560
What's the story
Equity benchmark Sensex jumped over 150 points in early trade to scale a fresh lifetime high of 58,875.78 on Thursday, tracking gains in index majors Bharti Airtel, Tata Steel, and HCL Tech. The broader NSE Nifty too surged more than 50 points to reach its new peak in the opening session. The 30-share Sensex was trading 152.58 points or 0.26 percent higher at 58,875.78.
Gainers
IndusInd Bank was the top gainer in the Sensex pack
Similarly, Nifty advanced 50.30 points or 0.29 percent to 17,569.75 in initial deals. IndusInd Bank was the top gainer in the Sensex pack, rising nearly three percent, followed by Tata Steel, ITC, HCL Tech, SBI, Bajaj Finserv, Kotak Bank, and Bharti Airtel. On the other hand, HUL, Titan, Asian Paints, HDFC were the laggards.
Details
US equities ended with gains in the overnight session
In the previous session, the 30-share index settled 476.11 points or 0.82 percent higher at 58,723.20. The broader NSE Nifty climbed 139.45 points or 0.80 percent to its new closing high of 17,519.45. Elsewhere in Asia, bourses in Tokyo, Shanghai, Seoul, and Hong Kong were trading with losses in mid-session deals. US equities ended with gains in the overnight session.
Approval
Union Cabinet approved big-bang relief package for telecom sector
The Union Cabinet on Wednesday approved a big-bang relief package for the stressed telecom sector. It includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid, and 100 percent foreign investment through the automatic route.
Other details
Brent crude trading at $75.82 per barrel
The Cabinet also approved a revised Rs. 25,938 crore Production-Linked Incentive (PLI) scheme for auto and auto-components industries to enhance the domestic manufacturing capabilities. Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 232.84 crore on Wednesday, as per provisional exchange data. Meanwhile, international oil benchmark Brent crude rose 0.48 percent to $75.82 per barrel.