Sensex rallies 514 points to new peak; Nifty crosses 17,200
Equity benchmark Sensex rallied 514 points to end at a fresh all-time high on Thursday, tracking gains in index majors TCS, Reliance Industries, and HUL amid a positive trend in global markets. Similarly, the broader NSE Nifty finished above 17,200 at its new closing record. The 30-share Sensex closed 0.90 percent higher at 57,852.54, and Nifty surged 157.90 points or 0.92 percent to 17,234.15.
TCS was the top gainer in the Sensex pack
TCS was the top gainer in the Sensex pack, rising over three percent, followed by HUL, UltraTech Cement, Nestle India, Kotak Bank, Dr. Reddy's, and Titan. On the other hand, M&M, Bajaj Auto, Bajaj Finserv, and Asian Paints were among the laggards.
Strong buying momentum remained visible in midcap, smallcap stocks: Expert
"Domestic equities recovered sharply with benchmark Nifty recording fresh all-time high mainly aided by a sharp recovery in IT, pharma and consumer spaces," said Binod Modi, Head - Strategy at Reliance Securities. Heavyweight financials have also extended gains and supported rallies. Barring PSU banks, most key sectoral indices traded in the green. Strong buying momentum remained visible in midcap and smallcap stocks, he noted.
Meanwhile, Brent crude trading at $71.90 per barrel
He added that high-frequency economic indicators for August in the form of GST collection, railway freight, etc, indicate a sustained economic recovery. In Asia, bourses in Shanghai and Tokyo ended on a positive note, while Seoul was in the red. Equities in Europe were largely trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.43 percent to $71.90 per barrel.