Sensex scales another record high, Nifty ends above 16,900; banks, metal stocks gain
After hitting lifetime high of 56,958.27 during the day, Sensex closed at 56,889.76, up 765.04 points or 1.36%.
Indian benchmark equity indices scales fresh lifetime peaks on Monday tracking a positive trend in global markets. After hitting lifetime high of 56,958.27 during the day, Sensex closed at 56,889.76, up 765.04 points or 1.36%. Likewise, Nifty advanced 225.85 points or 1.35% to end at 16,931.05. The 50-share index scaled an all-time intra-day high of 16,951.50.
“Indices & stocks surged through the day on positive global cues buoyed by the FED commentary. The rally today was pretty much broad-based as expectations on the first quarter GDP numbers slated to be released tomorrow aided investor sentiment. Afternoon trade witnessed the rally gathering momentum as Indices rose 1.5% with several stocks across sectors in the broader markets participating including exchanges,” said S Ranganathan, Head of Research at LKP Securities.
Gainers & losers
Bharti Airtel, closing over 4% higher, was the top Sensex followed by Axis Bank, Tata Steel, Titan, Maruti and Bajaj Finance. Tech Mahindra, Nestle India, Infosys and TCS were among the laggards on the other hand.
Sectoral strand
All sectoral indices barring Nifty IT closed in the green. Nifty Metal, closing 2.47% higher, was the top sectoral gainer followed by Nifty Bank, Nifty Auto, Nifty Pharma and Nifty FMCG. Nifty IT closed 0.58% lower.
Broader market
The rally in the broader market was encouraging. The BSE MidCap index ended with gains of 1.72% or 400 points to 23,656 after it scaled to a new peak of 23,671 earlier in the day. BSE SmallCap index was settled at 26,690 up by 406 points or 1.55%.
Overall market breadth was positive as 2,213 shares advanced on the BSE, while 1,101 declined and 183 remained unchanged.
Global markets
Shares in Europe and Asia advanced on Monday, 30 August 2021, reflecting broadly positive trade in global markets overnight. Sentiment improved after U.S. Federal Reserve Chairman Jerome Powell struck a more dovish tone than some investors expected in long-awaited speech on Friday.
Meanwhile, Beijing is reportedly looking at new rules that would restrict domestic internet firms from going public in the US.