Stock Market Rallies For 8th Day: Sensex Gains 185 Points, Nifty Crosses 18,800. IT, Metals Shine

Stock update: UltraTech Cement, Tata Steel, Tata Consultancy Services, Tech Mahindra, Wipro, Infosys, HCL Technologies, and Larsen & Toubro were the major winners on the S&P BSE

The key benchmark indices, Sensex and Nifty, rallied for the eighth day running on Thursday, ending at fresh record closing highs tracking firm global market cues and continuous foreign fund inflows. Buying in IT counters also added to the momentum.

The BSE Sensex climbed 185 points (0.29 per cent) to settle at 63,284, its fresh record closing high. During the day, it rallied 483 points (0.76 per cent) to 63,583, its lifetime intra-day peak. On the other hand, the broader NSE Nifty advanced 54 points (0.29 per cent) to end at 18,812, its new record closing high.

On the 30-share Sensex platform, UltraTech Cement, Tata Steel, Tata Consultancy Services, Tech Mahindra, Wipro, Infosys, HCL Technologies, and Larsen & Toubro were the major winners. On the flip side, ICICI Bank, Mahindra & Mahindra, Power Grid, and Kotak Mahindra Bank were among the laggards.

In the broader markets, the BSE Midcap and Smallcap indices outperformed and were 0.6 per cent each as against 0.3 per cent gain on the benchmark.

The overall market breadth too was positive, with 2,063 stocks advancing as against 1,415 stocks declining on the BSE.

Sectorally, the BSE IT index zoomed 2 per cent, while the Metal index jumped 1.8 per cent. The Realty and Commodities indices also logged strong gains.

In the previous session on Wednesday, the 30-share barometer rallied 418 points (0.67 per cent) to settle at 63,100. The Nifty advanced 140 points (0.75 per cent) to end at record high of 18,758.

US Fed Chair Jerome Powell on Wednesday said that it now makes sense to moderate the pace of rate hikes going ahead and that smaller rate increases could start as soon as December.

"Fed chief Jerome Powell's observation that 'it makes sense to moderate the pace of rate hikes' has come as a shot in the arm for the bulls to take the ongoing rally forward," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong ended higher. Equity exchanges in Europe were trading mostly in the green in the afternoon trade. Wall Street had ended significantly higher on Wednesday.

International oil benchmark Brent crude was trading 0.40 per cent higher at $87.32 per barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 9,010.41 crore on Wednesday, as per exchange data.