Bulls on rampage: Sensex surges past 57,000-mark, Nifty scales 17k
Equity benchmarks galloped to record highs for yet another session on Tuesday, with the Sensex closing above 57,000 for the first time while the Nifty scaled the 17,000-mark as investors remained in buying mode amid growth optimism and bullish global cues.
Major milestones this year
Jan 21: Sensex touches 50,000-mark in intra-day
Feb 3: Closes above 50,000 for the first time
Feb 5: Crosses 51,000-mark in intra-day trade
Feb 8: Ends above 51,000-level
Feb 15: Jumps above 52,000-mark
June 22: Reaches 53,000-mark in intra-day trade
July 7: Closes above the 53,000-mark for the first time
Aug 4: Benchmark goes past 54,000 for the first time
Aug 13: Rallies above 55,000 for the first time
Aug 18: Breaches 56,000-mark for first time in intra-day trade
Aug 27: Closes above the 56,000-mark for the first time
Aug 31: Closes above the 57,000-mark for the first time
Market sentiment was positive ahead of the release of Q1 GDP data, traders said, adding a strengthening rupee added to the momentum.
Rising for the fourth session on the trot, the 30-share BSE Sensex soared 662.63 points to its fresh record close of 57,552.39. It touched a lifetime high of 57,625.26 during the session.
The market capitalisation of BSE-listed companies jumped to an all-time high of Rs 250 lakh crore at close of trade. It took the Sensex just two sessions to climb from the 56,000 closing level to the 57,000-mark.
The NSE Nifty extended its winning streak for the seventh day, rallying 201.15 points to an all-time closing peak of 17,132.20. It touched an intra-day record of 17,153.50.
Bharti Airtel was the top gainer in the Sensex pack, rallying 6.99%, a day after its chairman Sunil Bharti Mittal indicated raising tariffs.
Bajaj Finance, Bajaj Finserv, Asian Paints, Titan, TCS and Tech Mahindra were among the other major gainers, spurting up to 4.94%.
Bulls on rampage: Sensex surges past 57,000-mark, Nifty scales 17k
In contrast, Nestle India, IndusInd Bank and Reliance Industries were the only laggards, shedding as much as 1.55%.
“Led by bulls, domestic indices breached record highs amid broad-based buying due to continuation of Fed’s dovish policy and the expected release of domestic GDP data,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Domestic equities extended gains with Nifty surpassing 17,000 levels within a month, said Binod Modi, Head – Strategy at Reliance Securities.
