Markets maintain record run; Sensex breaches 59,000-mark for first time

Mumbai, September 16

Market benchmark Sensex scaled the 59,000-mark for the first time on Thursday as investors remained in risk-on mode following the government’s policy support measures for various sectors.

Advancing for the third consecutive session, the BSE index climbed 417.96 points to its new closing peak of 59,141.16. It touched an intra-day record of 59,204.29.

Similarly, the broader NSE Nifty surged 110.05 points to finish at its fresh lifetime high of 17,629.50. During the session, it scaled an all-time high of 17,644.60.

IndusInd Bank was the top gainer in the Sensex pack, spurting 7.34%, followed by ITC, SBI, Reliance Industries, Kotak Bank, ICICI Bank and Axis Bank.

In contrast, TCS, Tata Steel, Tech Mahindra, Bharti Airtel, HCL Tech and Dr Reddy’s were among the laggards, slipping up to 1.32%.

“Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today’s market rally was driven by strong buying in banking stocks, especially in PSBs. The banking sector is expected to perform well in the coming days as the sector which failed to fairly participate in the ongoing rally due to fear over asset quality is gaining traction.

Meanwhile, shares of Vodafone Idea jumped nearly 28% after the Union Cabinet approved a big-bang relief package for the stressed telecom sector on Wednesday. The stock zoomed 25.98% to close at Rs 11.25 on the BSE. During the day, it jumped 28.44% to Rs 11.47. At the NSE, it rallied 27.93% to close at Rs 11.45.

“Asian markets traded with cuts as the fall in Chinese property stocks pushed Asian stocks down while European markets traded with positive sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.

The BSE’s midcap and smallcap gauges rose up to 0.48%. — PTI

Major milestones this year

• Jan 21: Sensex touches 50,000-mark in intra-day
• Feb 3: Closes above 50,000 for the first time
• Feb 8: Ends above 51,000-level
• Feb 15: Jumps above 52,000-mark
• July 7: Closes above the 53,000-mark for the first time
• Aug 4: Benchmark goes past 54,000 for the first time
• Aug 13: Rallies above 55,000 for the first time
• Aug 18: Breaches 56,000-mark for first time in intra-day trade
• Aug 27: Closes above the 56,000-mark for the first time
• Aug 31: Closes above the 57,000-mark for the first time
• Sept 3: Surges above the 58,000-mark for the first time
• Sept 16: Closes above the 59,000-mark for the first time