Sensex closed above the 59,000 mark today for the first time, led by gains in banking stocks. Nifty too ended above 17,600 level, with 28 of 50 components ending in the green.
During the day, Sensex touched an all-time high of 59,204 and Nifty reached an all-time peak of 17,644. Later, Sensex ended 417 points higher at 59,141 and Nifty advanced 110 points to 17,629.
Market capitalisation of BSE-listed firms reached a record high of Rs 260.80 lakh crore. The market cap crossed the Rs 260 lakh crore mark for the first time after Sensex and Nifty hit their all-time highs in early trade today.
IndusInd Bank was the top Sensex gainer, rising 7.34 per cent, followed by gain in ITC, SBI, RIL, Kotak Bank, and ICICI Bank.
TCS, Tata Steel, Tech Mahindra and Bharti Airtel were among the top Sensex losers, falling up to 1.32%.
Of 30 Sensex shares, 14 ended higher.
Shrikant Chouhan, Executive Vice-President, Equity Technical Research, Kotak Securities said, "Technically, the index has formed a robust breakout continuation formation and the short-term trend is extremely strong. For the day traders, 17540-17580 levels would be the key support level to watch out for. Above the same, the uptrend formation will continue up to 17690-17750 levels. On the flip side, Nifty would be vulnerable if it slips below 17540."
BSE mid cap and small cap indices rose 120 points and 21.98 points, respectively. On a sectoral basis, banking shares led the gains with BSE bankex ending 892 points higher at 42,962. Bank Nifty too closed 816 points higher at 37,668.
IT and metal shares were among the top sectoral losers, with their indices ending 263 points and 135 points lower on BSE.
The huge rally in banking shares came after the Union Cabinet cleared a relief package for the telecom sector yesterday.
The government has announced a four-year moratorium on the AGR dues of debt-laden telcos, who have huge exposure to the banking sector.
The banking sector has a total exposure of around Rs 29,000 crore to debt-laden Vodafone Idea. Country's largest lender
State Bank of India has the highest exposure of Rs 11,000 crore. Other lenders such as IDFC First Bank, YES Bank and IndusInd Bank, too have considerble exposure in their books to the struggling telco.
Telecom shares were also major gainers post the relief package. While Vodafone Idea share ended 25.98% higher at Rs 11.25, Bharti Airtel share scaled all time high of Rs 743.90 on an intra day basis.
Deepak Jasani, Head of Retail Research at HDFC Securities said," Nifty continued to march upward today; however advance decline ratio has fallen below 1:1 denoting profit taking across the broader markets. Sector and stock rotation among the largecaps is witnessed. 17,700 is the next target for Nifty while 17,519 could be the support for the near term."
Market breadth was positive with 1,678 shares ending higher against 1,591 shares closing in the red. 156 shares were unchanged.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 232.84 crore on Thursday, as per provisional exchange data.
Germany's DAX picked up 0.6% to 15,713.53, while the CAC 40 in Paris rose 0.8% to 6,633.67. In London, the FTSE 100 advanced 0.5% to 7,048.93.
The Hang Seng in Hong Kong declined 1.5% to 24,667.85, while the Shanghai Composite index sank 1.3% to 3,607.09.
Tokyo's Nikkei 225 index dropped 0.6% to 30,323.34. In Seoul, the Kospi lost 0.7% to 3,130.09.
Australia's S&P/ASX 200 gained 0.6% to 7,460.20.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today