Share Market Ends At Record High: Sensex Jumps 1,197 Points; Nifty Settles Near 23,000

Share Market News: The two key equity benchmarks, Sensex and Nifty, on Thursday bounced back strongly and hit an all-time high, with indices surging over 1.5 per cent. The S&P BSE Sensex touched a lifetime high of 75,460 intraday, before closing at 75,418, 1,197 points. On the other hand, the NSE Nifty50 closed at 22,968, up 370 points.

Stock update

On the 30-share Sensex platform, L&T became the lead gainer, up 3.64 per cent, followed by M&M, Axis Bank, Maruti, UltraCemco, IndusInd Bank. On the down side, Sun Pharma, PowerGrid, and NTPC emerged losers.

In the broader markets, the S&P BSE Midcap index hit a new high of 43,442, while the S&P BSE Smallcap index touched a new all-time high of 48,229. The two, however, settled, up 0.58 per cent and 0.27 per cent, respectively.

Sectoral update

Sectorally, Nifty Bank, Auto, Financial Services, PSU Bank, and Private Bank indices added around 2 per cent each. Pharma and Metal are the only two losers. Pharma dropped 0.5 per cent.  

In the previous session on Wednesday, the BSE benchmark rose 268 points to settle at 74,221. The NSE Nifty gained 69 points to end at 22,598.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The Nifty hitting a new record is the market’s message of political stability after the elections. The rally is healthy since it is led by fairly valued largecaps." Nifty rose the most in percentage terms in almost 6 months on May 23, said Deepak Jasani, Head of Retail Research, HDFC Securities.

Global update

In Asian markets, Tokyo settled in the green while Seoul, Shanghai and Hong Kong ended lower. European markets were trading mostly in the green. Wall Street ended in negative territory on Wednesday.

Global oil benchmark Brent crude climbed 0.33 per cent to $82.17 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 686.04 crore on Wednesday, according to exchange data.

The forex market will remain shut on Thursday on account of ‘Buddha Purnima'. Meanwhile, the rupee appreciated by 2 paise to settle at 83.29 against the US dollar on Wednesday amid softening crude oil prices.