Sensex jumps 418 points to hit record closing high; Nifty settles above 17,600 for first time

NEW DELHI: Stock indices rose to record highs on Thursday, with the benchmark BSE Senex closing above 400 points, led by bank stocks.
The 30-share BSE index broke the 59,000 mark in the opening session and closed 418 points, or 0.71 percent, higher on a new record of 59,141.
While the wider NSE Nifty hit 110 points, or 0.63 percent, and hit a new high of 17,629.
IndusInd Bank, ITC, SBI, Reliance, Kotak Bank and ICICI Bank were the top winners in the Sensex pack with a plus of 7.3 percent.
While TCS, Tata Steel, Tech Mahindra, Bharti Airtel, HCL Tech and Dr. Reddy’s were the biggest losers, falling up to 1.32 percent.
On the NSE platform, the sub-indices Nifty PSU Bank, Private Bank, Bank and Financial Services rose by up to 5.43 percent.
The S&P BSE telecommunications index rose 1.2 percent, with the debt-laden Vodafone Idea rising nearly 26 percent after the Union cabinet approved an aid package for the financially weak sector on Wednesday.
“ITC appears to have attracted investor attention as it has been fairly valued compared to its overdone competitors in the Fast Moving Consumer Goods (FMCG) basket for some time,” said Likhita Chepa, a senior research analyst at CapitalVia Global Research News Agency Reuters.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital markets as they bought shares worth Rs.232.84 billion on Wednesday, according to preliminary stock market data.
(With contributions from agencies)


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