Stock Market: Sensex Zooms 874 Points, Nifty Ends Near 17,400; RIL Touches New High

Reliance Industries is firing on all cylinders as it is set to become India's first firm to hit M-Cap of Rs 19 lakh crore after a strong rally over the past three trading days

New Delhi: Sensex and Nifty, the two key equity benchmarks, on Thursday settled in the green for the second straight session, led by gains across all sectors and firm global cues.

Sensex zoomed 874 points to close at 57,912, while the broader NSE Nifty moved 256 points higher to close at 17,393.

On the 30-share BSE platorm, M&M, HDFC, Asian Paints, Reliance Industries, Maruti Suzuki, Sun Pharma, Kotak Bank, TCS, and Bajaj Finserv advanced between 2 per cent and 3 per cent, lifting the index for a second day in a row.

Reliance Industries (RIL) is set to become India's first company to hit market capitalisation of Rs 19 lakh crore after a strong rally over the past three trading days. The market capitalisation of the company hit Rs 18.85 lakh crore intra-day on Thursday after the stock price of the company touched a new high of Rs 2,787.10

On the flip side, Bharti Airtel, Nestle India, and Tata Steel were the losers.  

In the broader markets, the BSE Midcap and Smallcap indices rose in tandem with the frontline indices and added up to 1.3 per cent.

14 out of the 15 sector gauges, compiled by the National Stock Exchange, ended in the positive zone. Sub-indexes Nifty Auto and Nifty Financial Services outperformed the index by rising as much as 2.23 per cent and 1.54 per cent, respectively.

In the previous trading on Wednesday, Sensex jumped 574 points (1.02 per cent) to close at 57,038, while Nifty had moved 178 points (1.05 per cent higher) to settle at 17,137.

Elsewhere in Asia, markets in Tokyo and Seoul settled in the green, while Hong Kong and Shanghai ended lower.

Markets in Europe were trading mostly higher in the afternoon session.

Stocks in the US had ended on a mixed note on Wednesday.

International oil benchmark Brent crude gained 1.40 per cent to $108.3 per barrel.

"Bulls came back strongly today after a pretty long wait helped by the Energy sector which is seeing robustness in gross refining margins. Almost all sectoral indices led by automobiles traded in the Green with the volatility index cooling off," S Ranganathan, head of research at LKP securities told the PTI.

Foreign institutional investors continued their selling spree, offloading shares worth a net Rs 3,009.26 crore on Wednesday, according to stock exchange data.