Markets at new highs: Sensex rallies 546 points to scale 54K; Nifty tops 16,200

Mumbai, August 4

Equity benchmark Sensex rallied 546 points to finish above the 54,000-mark for the first time on Wednesday, tracking strong gains in financial stocks amid positive cues from global markets.

After scaling its lifetime peak of 54,465.91 during the session, the 30-share index ended 546.41 points or 1.02 per cent higher at a record 54,369.77. 

Similarly, the broader NSE Nifty surged 128.05 points or 0.79 per cent to its all-time peak of 16,246.85. It touched a lifetime intra-day high of 16,290.20.

HDFC was the top gainer in the Sensex pack, surging around 5 per cent, followed by Kotak Bank, ICICI Bank, SBI, HDFC Bank and Axis Bank.

On the other hand, Titan, Nestle India, Ultratech Cement and Sun Pharma were among the laggards.

Domestic equities extended gains with benchmarks Sensex and Nifty scaling fresh high mainly on the back of sharp rebound in heavyweight financials, said Binod Modi, Head - Strategy at Reliance Securities.

He noted that financials were the sole driving force for the market rally, which was triggered after better-than-expected June quarter performance reported by SBI.

The country’s biggest bank posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans.

Further, positive cues from global equities also lifted sentiments, Modi stated.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended with gains, while Tokyo was in the red.

Equities in Europe were also in the green in afternoon trade.

Meanwhile, international oil benchmark Brent crude advanced 0.18 per cent to USD 72.28 per barrel. PTI