D Street logs another fresh peak

Mumbai: Equity benchmark indices Sensex and Nifty ticked higher to close at fresh all-time high levels on Thursday, following buying in market heavyweights ICICI Bank, Infosys and TCS amid a largely positive trend in global equities. The 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Mcap on BSE rose by Rs1.87 lakh crore to Rs4,47,30,452.99 cr (Rs447.30 lakh cr or $5.36 trn).

The index pared most of the gains later due to volatility and profit-taking by investors at record levels. Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, its all-time closing high. The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06 per cent to settle at a record 24,302.15 with 23 of its shares closing higher and 27 with losses.

“The defensive bet on large-caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10-year bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment,” said Vinod Nair, head (research) at Geojit Financial Services.

A total of 2,185 stocks advanced while 1,742 declined and 94 remained unchanged on the BSE. As many as 23 Nifty shares advanced, 27 declined on the exchange.