Markets rally over 1% as Sensex reaches 70,000 mark, Nifty closes over 21,000

Mumbai: Benchmark equity indices Sensex and Nifty rallied over 1 per cent to hit all-time highs on Thursday, propelled by intense buying in IT, tech and realty stocks after the US Federal Reserve kept its key interest rate unchanged and signalled rate cuts next year.

Persistent buying by foreign investors and sliding crude oil prices in the international markets also supported domestic equities, traders said.

The market capitalisation (mcap) of BSE-listed firms hit a record high of Rs 3,55,02,238.83 crore ($4.26 trillion). Investors’ wealth climbed to Rs 3,83,006.92 crore from Rs 3,51,19,231.91 crore on Wednesday.

Rising for the second straight session, the 30-share BSE Sensex jumped 929.60 points or 1.34 per cent to settle at 70,514.20, its all-time closing high. During the day, it surged 1,018.29 points or 1.46 per cent to hit its all-time intra-day peak of 70,602.89.

A total of 2,064 stocks advanced while 1,702 declined and 126 remained unchanged.

The Nifty rallied 256.35 points or 1.23 per cent to settle at a record closing high of 21,182.70. During the session, it jumped 284.55 points or 1.35 per cent to 21,210.90, its record intra-day peak.

Among the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were the major gainers.

On the other hand, Power Grid, Nestle, JSW Steel, Maruti, Titan and Tata Motors were among the laggards.

In the broader market, the BSE midcap jumped 1.06 per cent and smallcap climbed 0.62 per cent.

Among the indices, realty rallied 3.80 per cent, IT jumped 3.21 per cent, realty (3.80 per cent), teck (2.72 per cent), telecommunication (2.14 per cent), financial services (1.38 per cent), oil & gas (1.36 per cent) and energy (1.28 per cent).

Consumer Durables emerged as the only laggard.

Foreign Institutional Investors (FIIs) continued to remain buyers as they bought equities worth Rs 4,710.86 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude climbed 1.74 per cent to USD 75.55 a barrel.

The BSE benchmark advanced 33.57 points or 0.05 per cent to settle at 69,584.60 on Wednesday. The Nifty gained 19.95 points or 0.10 per cent to 20,926.35.