Sensex, Nifty end at fresh lifetime highs

BSE Sensex ended 403.19 points or 0.73% higher at its lifetime peak of 55,958.98; NSE Nifty surged 128.15 points or 0.78% to its all-time closing high of 16,624.60

Equity benchmark Sensex rallied 403 points to end at a fresh record on August 24, driven by gains in index majors HDFC Bank, ICICI Bank and Bajaj Finserv amid a positive trend in global equities.

The 30-share index ended 403.19 points or 0.73% higher at its lifetime peak of 55,958.98. Similarly, the broader NSE Nifty surged 128.15 points or 0.78% to its all-time closing high of 16,624.60.

Bajaj Finserv was the top gainer in the Sensex pack, soaring around 8%, followed by Tata Steel, Tech Mahindra, Bajaj Finance, HDFC Bank and SBI.

On the other hand, Nestle India, Infosys, HDFC and HCL Tech were among the laggards.

“Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Metal stocks led the rally as value-buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe, he noted.

Further, the USFDA granted full approval to the COVID-19 vaccine by Pfizer and BioNTech, which boosted hopes of faster inoculations, Nair added.

Meanwhile, experts said market sentiment was also bolstered after Finance Minister Nirmala Sitharaman on Monday unveiled an ambitious Rs 6 lakh crore National Monetisation Pipeline (NMP) that included unlocking value by involving private companies across infrastructure sectors — from passenger trains and railway stations to airports, roads and stadiums.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with strong gains.

Equities in Europe were trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 1.14% to $69.15 per barrel.

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