Sensex, Nifty surge to record highs ahead of RBI's monetary policy decision today
The BSE Sensex opened strong and finished at 382.95 points higher at 52,232.43. Similarly, NSE Nifty soared 114.15 points to end at its lifetime peak of 15,690.35
Mumbai: Market benchmarks ratcheted up to fresh lifetime highs on Thursday after two days of muted trade as banking, finance and infra stocks saw hectic buying ahead of RBI's monetary policy decision.
A rebounding rupee added to the momentum, with midcap and smallcap gauges outperforming the benchmarks.
The 30-share BSE Sensex opened strong and carried the gains through the day to finish 382.95 points or 0.70 percent higher at 52,232.43.
The index surpassed its previous closing record of 52,154.13 hit on February 15 this year.
Similarly, the broader NSE Nifty soared 114.15 points or 0.73 percent to end at its lifetime peak of 15,690.35.
Titan was the top performer in the Sensex pack, spurting 6.69 percent, followed by ONGC, L&T, Axis Bank, Kotak Bank, Bajaj Finance and HDFC Bank.
On the other hand, IndusInd Bank, PowerGrid, Bajaj Auto, M&M and Dr Reddy's were among the laggards, shedding up to 2.15 percent.
Domestic equities remained upbeat with benchmark indices recording fresh highs, said Binod Modi, head of strategy at Reliance Securities.
Rebound in heavyweight financial services supported the market once again, he said, adding that realty followed by FMCG and metals also witnessed sharp recovery.
IT, pharma and auto witnessed some amount of pressure. "Notably, midcap and small-cap stocks continued to outperform broader indices as improved prospects of sustainable earnings recovery continue to attract investors towards this space," he noted.
S Ranganathan, Head of Research at LKP Securities, said the markets remained firmly in the grip of bulls ahead of the RBI policy announcement on Friday, with investors expecting the central bank to continue with its accommodative stance while keeping a watchful eye on inflation.
Expectations of vaccinations being ramped up coupled with capex programs is likely to improve credit growth, he added.
All BSE sectoral indices ended in the positive terrain, with consumer durables, realty, capital goods, oil and gas, bankex and finance rallying up to 4.44 percent.
Broader BSE midcap and smallcap indices rose 1.04 percent each.
World stocks took a breather ahead of the crucial US payrolls data which will give cues on the economic recovery as well as broader inflation.
Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Tokyo and Seoul finished with gains.
Equities in Europe were also trading with losses in mid-session deals. International oil benchmark Brent crude was trading 0.18 percent lower at USD 71.22 per barrel.
The rupee snapped its three-day losing streak and closed 18 paise higher at 72.91 against the US dollar. Foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 921.10 crore, as per exchange data.
At the closing bell, the BSE Sensex was at 51,934.88 after losing 2.56 points whereas the NSE Nifty 50 closed at 15,574.85 after witnessing a drop of 7.95 points
The top gainers on the Sensex were Reliance, ICICI Bank, Bharti Airtel, Dr Reddy, and Maruti. The top laggards were Mahindra and Mahindra, Infosys, Larsen and Toubro, IndusInd Bank, and Tech Mahindra
At the closing bell, the Sensex was trading 174.29 points higher at 52,474.76, while the Nifty 50 closed at 15,799.35 after increasing 61.60 points