The benchmark indices hit record highs on Thursday, thanks to positive global cues and a surge in IT and financial stocks.
The Sensex closed at 62,272.68, up 762.1 points or 1.24% from Wednesday, while the Nifty50 ended up 216.85 points or 1.19% at 18,484.10.
Apollo Hospitals continued its impressive run on the Nifty, surging 4.56%, while IT majors also scored big with Infosys jumping 3.29%, HCL 2.68%, Wipro 2.41%, Tech Mahindra 2.3% and TCS 2.26%. The HDFC twins also put up a good show, with HDFC up 2.26% and HDFC Bank gaining 1.78%, while HDFC Life was the second-biggest gainer on the index, rising 4.56%.
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Tech stocks led the way among the Sensex pack, comprising five of the top six gainers, as Infosys (2.93%), HCL (2.59%), Wipro (2.43%), Tech Mahindra (2.39%) and TCS (2.06%) all gained. HDFC and HDFC Bank gained 1.99% and 1.68%, respectively. Index heavyweight Reliance Industries rose 1.02%.
FIIs reversed the trend and turned net buyers, to the tune of Rs 1,231.98 crore, while DIIs turned net sellers to the tune of `235.66 crore, according to data from the exchanges.
“Indian equities had a stupendous day on the monthly F&O expiry, with key benchmark indices touching record levels. Value buying was seen in IT stocks on back of attractive valuation and rally in global IT index – Nasdaq. Action was also seen in financial services stocks. Few PSU banks hit new 52-week highs as momentum in these stocks continued. Global markets rallied as investors welcomed US Federal minutes that suggested that they might tone down its pace of interest rate hike in its next policy meeting. We expect the positive momentum in Indian markets to continue buoyed by positive global cues, fall in crude oil prices to 10-month low and ninth consecutive weekly decline in India VIX to 52-week low,” said Siddhartha Khemka, head (Retail Research), Motilal Oswal Financial Services.
While the Bank Nifty gained 346.30 points or 0.81% to close at 43,075.40, the Nifty Financial Services index rose 207.90 points or 1.09%. Similarly, the BSE 100 was up 1.09% and the BSE Sensex 50 was up 1.19%.
