Nifty drifts higher to fresh peak

Mumbai: Benchmark Sensex spurted by 349 points, while NSE Nifty scaled a fresh lifetime high on the sixth straight day of gains on Tuesday, driven by buying in banking and select FMCG shares. The 30-share BSE Sensex reversed its early losses and closed higher by 349.24 points or 0.48 per cent at 73,057.40 in a volatile trade.

The broader Nifty of the NSE rose further by 74.70 points or 0.34 per cent to close at a new record level of 22,196.95. Intra-day, the 50-share index touched lifetime high of 22,215.60. As many as 18 Sensex shares closed in the green while 12 settled in the red. The market capitalisation of BSE-listed companies was at Rs391.50 lakh crore ($4.72 trillion).

The key indices opened lower, but renewed buying in private lenders helped the barometers reverse losses and closed in the green for the sixth consecutive session. In six days, Nifty jumped 580 points, while Sensex rallied 1,984 points.

“Amidst market volatility, the domestic market is once again poised to approach record highs. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction,” said Vinod Nair, head (research), Geojit Financial Services.

However, the BSE Midcap index dropped by 0.17 per cent and Smallcap by 0.18 per cent. Analysts said that the decline in midcap and smallcap indices suggests that investors are continuing to exercise caution due to higher valuations. Among sectoral indices, BSE Bankex rose the most by 1.23 per cent, followed by BSE Realty at 1.13 per cent and Financial Services at 0.87 per cent. BSE Utilities, Oil & Gas, and Capital Goods also rose up to 0.66 per cent.