Sensex breaches 59k for first time

Mumbai, Sep 16 (PTI): 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 30-share BSE index climbed 417.96 points or 0.71 per cent 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 or 0.63 per cent to finish at its fresh lifetime high of 17,629.50. During the session, it scaled an all-time peak of 17,644.60.
IndusInd Bank was the top gainer in the Sensex pack, spurting 7.34 per cent, 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 per cent.
“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.
“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.
S Ranganathan, Head of Research at LKP Securities, said, “Ahead of the operationalisation of the National Asset Reconstruction Company (NARCL), banks provided the much needed ammunition to the bulls to notch up record highs of 59K on the Sensex. The charge of the energised bulls took India’s market capitalisation ahead of France as PSU banks lent the firepower.”
BSE bankex was the biggest sectoral gainer, jumping 2.12 per cent, followed by energy, finance, FMCG and oil & gas indices. Metal, teck, IT and basic materials were among the losers.

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