Mumbai: Benchmark Sensex and Nifty soared to new lifetime highs on Tuesday, fueled by robust buying in power, banking and utility stocks, extending their rally for a sixth consecutive session.
The 30-share BSE Sensex jumped 431.02 points, or 0.63 per cent, to close at a new record high of 69,296.14. As many as 20 Sensex scrips closed with gains. The broader index Nifty also climbed 168.50 points, or 0.81 per cent to hit its lifetime high of 20,855.30 with 32 of its components closing in the green.
The market capitalisation of BSE-listed firms surged by more than Rs 2.5 lakh crore to cross Rs 350 lakh crore on Tuesday.
Analysts said the positive sentiment was fuelled by unabated inflow of foreign funds on the back of robust sentiment built up over favourable macroeconomic data in the previous week and the results of assembly polls of Madhya Pradesh, Rajasthan and Chhattisgarh that raised expectations of longer political stability in the country.
Also, investors are expecting the Reserve Bank to maintain the status quo on the interest rate in its bi-monthly monetary policy decision to be announced on Friday, they said.
Among major Sensex movers, Power Grid rose the most by 4.46 per cent, NTPC by 3.89 per cent, SBI by 2.31 per cent and ICICI Bank by 2.28 per cent. Other gainers included Mahindra & Mahindra, Titan and Maruti.
On the other hand, Hindustan Unilever, HCL Tech, Bajaj Finance remained laggards with losses of up to 1.49 per cent. Foreign institutional investors purchased shares worth Rs 2,073.21 crore on Monday, according to exchange data. The market rally was also fueled by gains in Adani group stocks which Adani soared up to 20 per cent following a report that the US agency found short-seller Hinderburg Research’s allegations of corporate fraud against the conglomerate were not relevant.
Adani Energy Solutions and Adani Green Energy zoomed 20 per cent each to close at Rs 1,082.60 and Rs 1,348 apiece. Adani Total Gas surged 19.95 per cent to settle at Rs 878.20, and NDTV jumped 18.41 per cent to Rs 266.55. In the broader market, the BSE largecap index surged 1.01 per cent, midcap gauge gained 0.14 per cent and smallcap advanced marginally by 0.12 per cent.
Among sectoral indices, utilities surged the highest 6.54 per cent followed by power rising by 6.09 per cent. While services index went up 3.93 per cent, commodities advanced 2.04 per cent and oil & gas jumped 1.84 per cent. Bankex rose 1.21 per cent and energy inched up by 1.17 per cent.
Realty index declined by 0.65 per cent, while IT and teck slipped by 0.57 per cent and 0.43 per cent, respectively. Telecommunications, healthcare and FMCG were other laggards.
On the domestic macroeconomic front, the services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on Tuesday.
The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November.