Markets at fresh peak amid RIL AGM

Mumbai: Equity benchmark indices Sensex and Nifty hit their all-time high levels on Thursday, driven by a fag-end rally in index majors Reliance Industries and Tata Motors. Robust buying in energy and FMCG stocks also supported the domestic equities, traders said. The 30-share BSE Sensex jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83. The BSE gauge has surged 1,709.93 points or 2.12 per cent in eight straight trading sessions. Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56 per cent to hit a fresh record intra-day peak of 25,192.90. In 11 trading days, the NSE Nifty has jumped 1,012.95 points or 4.19 per cent. The market capitalisation (mcap) of BSE-listed companies rose to Rs4,62,56,079.12 (Rs462.56 lakh cr or $5.51 trn)

“Indian equities began steadily and breached a record high. Volatility disturbed the trend in the afternoon due to Reliance Ltd AGM expectations, but the broad market carried the rally to a new high by the end of the day with rapid improvement in sentiment. The recent uptick in Indian IT and FMCG stocks points to a potential soft landing for the US economy and an improvement in domestic rural consumption,” said Vinod Nair, head (research), Geojit Financial Services.

In the broader market, the BSE smallcap gauge declined 0.72 per cent, and the midcap index dipped 0.27 per cent.

“Nifty ended on a strong note on Thursday aided by buying across frontline stocks in the last hour of trade,” said Deepak Jasani, head (retail research), HDFC Securities.