Sensex, Nifty soar to fresh lifetime highs
What's the story
Equity benchmark Sensex surged 318 points to end at its new lifetime high on Thursday, tracking gains in ICICI Bank, L&T, and Tech Mahindra. The 30-share index ended 318.05 points or 0.58 percent higher at its all-time peak of 54,843.98. The broader NSE Nifty advanced 82.15 points or 0.26 percent to record 16,325.15. Here's more.
Domestic equities
PowerGrid was the top gainer in the Sensex pack
PowerGrid was the top gainer in the Sensex pack, rallying over 6 percent, followed by Tech Mahindra, HCL Tech, Titan, L&T, NTPC, and ICICI Bank. Meanwhile, Dr. Reddy's, IndusInd Bank, Reliance Industries, and Axis Bank were among the laggards. "Domestic equities recovered sharply mainly led by a sharp rebound in IT and PSU banks," said Binod Modi, Head Strategy at Reliance Securities.
Stocks
IT stocks have remained in focus: Expert
"In addition, strong buying was seen in midcap and smallcap stocks today after persistent selling for the last couple of days," the expert, Modi said. IT stocks have remained in focus and investors continue to lap up quality IT names as sustained double-digit revenue growth visibility backed by strong deal wins offers comfort, he noted.
Other details
Brent crude trading at $71.56 per barrel
In the previous session, Sensex ended 28.73 points or 0.05 percent lower at 54,525.93, while Nifty inched up 2.15 points or 0.01 percent at 16,282.25. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended with losses. Equities in Europe were largely trading on a positive note in mid-session deals. International oil benchmark Brent crude rose 0.17 percent to $71.56 per barrel.