Closing Bell

Sensex Shoots Up 765 Pts; Nifty Tops 16,900

A firm trend in the rupee, which rallied 40 paise against the US dollar, added to the momentum

Sensex Shoots Up 765 Pts; Nifty Tops 16,900
Sensex Shoots Up 765 Pts; Nifty Tops 16,900
PTI - 30 August 2021

The Sensex surged 765 points while the Nifty cruised past the 16,900-level on Monday as equity benchmarks maintained their record-setting spree on all-round buying amid supportive global cues.

A firm trend in the rupee, which rallied 40 paise against the US dollar, added to the momentum.

After touching a lifetime high of 56,958.27 during the day, the 30-share BSE Sensex ended 765.04 points or 1.36 per cent higher at its new closing peak of 56,889.76, extending its winning run for the third session. The broader NSE Nifty advanced for the sixth consecutive day, surging 225.85 points or 1.35 per cent to its record closing of 16,931.05. It touched an all-time intra-day high of 16,951.50.

The Nifty has closed at fresh lifetime highs in five of the previous six sessions.

Bharti Airtel was the top performer in the Sensex pack, rallying 4.44 per cent, after the company's board raised up to Rs 21,000 crore via a rights issue.

Axis Bank, Tata Steel, Titan, Bajaj Finance, Maruti and SBI were among the other prominent gainers, spurting up to 4.15 per cent.

Only four index components ended in the red -- Tech Mahindra, Nestle India, Infosys and TCS, sliding up to 1.88 per cent.

Investors were richer by Rs 3.56 lakh crore, with the market capitalisation of all BSE-listed companies reaching a record Rs 247.30 lakh crore.

"Domestic equities skyrocketed on strong global cues with benchmark Nifty just one notch away to surpass 17,000 mark," said Binod Modi, Head-Strategy at Reliance Securities.

Dovish commentary from the US Federal Reserve chairman in the Jackson Hole Symposium lifted investors' sentiments globally, he noted.

Financial and metals witnessed sharp recovery. Barring IT, most key sectoral indices traded in green with a decent rebound. Strong buying in midcap and smallcap stocks continued as recent correction made risk reward propositions favourable for investors, Modi said.

"Following a strong gap-up opening, equity benchmark indices maintained the trend throughout the day in line with the strength in global markets.

"Global markets strengthened as the anxiety over the Jackson Hole symposium subsided following the dovish tone of the Fed Chair. Jerome Powell stated sticking with the wait-and-see approach giving reassurance that the easy money policy will continue this year with a smaller rate of tapering," said Vinod Nair, Head of Research at Geojit Financial Services.

Sectorally, BSE telecom, metal, power, basic materials, utilities and bankex rallied as much as 3.53 per cent, while IT and teck closed lower.

Broader BSE midcap and smallcap indices surged up to 1.72 per cent.

World stocks were boosted by dovish comments from Fed chair Jerome Powell at the Jackson Hole symposium on Friday.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

Equities in Europe were also trading in the positive zone in the afternoon session.

Meanwhile, international oil benchmark Brent crude slipped 0.20 per cent to $71.56 per barrel.

The rupee surged by 40 paise to close at 73.29 against the US dollar, marking its third straight session of gains. The local unit has appreciated by 95 paise against the greenback in three days.


Latest Issue

Outlook Money
April 2024