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

NEW DELHI: Equity indices surged to record highs on Thursday with the benchmark BSE sensex close above 400 points led by banking stocks.
The 30-share BSE index breached the 59,000-mark in opening session and closed 418 points or 0.71 per cent higher at a fresh record of 59,141.
While the broader NSE Nifty settled 110 points or 0.63 per cent to hit new peak of 17,629.
IndusInd Bank, ITC, SBI, Reliance, Kotak Bank and ICICI Bank were the top gainers in the sensex pack rising as much as 7.3 per cent.
Whereas TCS, Tata Steel, Tech Mahindra, Bharti Airtel, HCL Tech and Dr Reddy’s were the major losers falling up to 1.32 per cent.
On the NSE platform, sub-indices Nifty PSU Bank, Private Bank, Bank and Financial Services gained up to 5.43 per cent.
The S&P BSE telecom index advanced 1.2 per cent, with debt-laden Vodafone Idea soaring nearly 26 per cent after the Union cabinet on Wednesday approved a relief package for the cash-strapped sector.
“ITC seems to have caught the eye of investors given it has been fairly valued for a while, against its over-brought peers in the FMCG (fast moving consumer goods) basket,” Likhita Chepa, a senior research analyst at CapitalVia Global Research told news agency Reuters.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 232.84 crore on Wednesday, as per provisional exchange data.
(With inputs from agencies)