Sensex scales Mount 83K, Nifty at lifetime high
While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours
PTI
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Representative Picture
Mumbai, 12 Sept
Benchmark Sensex hit the historic
83,000 level for the first time on Thursday and the Nifty settled at a lifetime
high after a rally in blue-chip shares, surge in global markets and foreign
fund inflows.
A sharp fag-end rally drove the
30-share BSE Sensex to the 83,000 level for the first time. The barometer
surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of
83,116.19 in the last hour of trade. The index closed at a record high of
82,962.71, up by 1,439.55 points or 1.77 per cent.
The NSE Nifty surged 470.45 points
or 1.89 per cent to settle at a record closing high of 25,388.90. The benchmark
hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2
per cent. Nifty and Sensex opened higher and traded in a range till late
afternoon trade.
Among the 30 Sensex firms, Bharti
Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra,
Larsen & Toubro, Tata Steel, State Bank of India and Kotak Mahindra Bank
were the biggest gainers. Nestle emerged as the only laggard from the blue-chip
pack.
While the session remained subdued
for the most part, strong buying in heavyweight stocks across sectors propelled
the indices sharply upward in the final hours, said Ajit Mishra – SVP, Research,
Religare Broking Ltd.
In Asian markets, Seoul, Tokyo and
Hong Kong settled with significant gains while Shanghai ended marginally lower.
European markets were trading
higher. Wall Street ended with sharp gains on Wednesday. "Latest US
inflation numbers are mildly positive for markets. August CPI inflation coming
at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9
per cent earlier.
"This paves the way for a rate
cut by the Fed in September. But since core inflation continues to remain high
at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate
cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief
Investment Strategist, Geojit Financial Services.
Foreign Institutional Investors
(FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange
data. FIIs turning buyers in the cash market during the last three days is
another indication that the market will continue to be resilient, Vijayakumar
added.
Global oil benchmark Brent crude
climbed 1.39 per cent to USD 71.59 a barrel. The BSE benchmark dropped 398.13
points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty
declined 122.65 points or 0.49 per cent to 24,918.45.
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