MUMBAI: The benchmark Sensex closed above the 85,000 mark for the first time, while the Nifty scaled a new lifetime high on Wednesday, driven by a late-session buying surge in banking and power stocks that helped the market rebound from earlier losses.
After a volatile trading session, the 30-share BSE Sensex rose by 255.83 points, or 0.30 per cent to settle at a record high of 85,169.87. The index hit an intra-day peak of 85,247.42, up 333.38 points or 0.39 per cent.
Similarly, the NSE Nifty climbed 63.75 points, or 0.25 per cent, to close at a record high of 26,004.15. It touched a new intra-day high of 26,032.80, up by 92.4 points or 0.35 per cent
Sensex gainers.
Among the Sensex gainers were Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra, and HDFC Bank. Meanwhile, Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India, and JSW Steel were the biggest losers.
“After a range-bound session, the indices moved higher towards the close, led by gains in power and banking stocks. However, mid- and small-cap indices saw corrections due to valuation concerns,” said Vinod Nair, Head of Research at Geojit Financial Services.
He also noted that short-term challenges might arise due to declining foreign institutional investor (FII) inflows and a shift in funds toward other emerging markets offering cheaper valuations.
Asian markets
In the broader Asian market, Shanghai and Hong Kong closed higher, while Seoul and Tokyo finished in the red. European markets traded mostly lower, while the US markets ended on a positive note on Tuesday.
FIIs offloaded equities worth Rs2,784.14 crore on Tuesday, according to exchange data. Global oil benchmark Brent crude slipped 0.35 per cent to $74.91 per barrel.
On Tuesday, the BSE benchmark briefly hit a fresh intra-day peak of 85,163.23 before settling 14.57 points lower at 84,914.04. The Nifty closed 1.35 points higher at 25,940.40, after reaching an intra-day high of 26,011.55.
