Markets soar to fresh lifetime highs, power, IT & banking stocks shine

Mumbai: The Sensex and Nifty darted up to fresh all-time highs on Thursday as investors lapped up power, IT and banking stocks amid mixed global cues.

A strengthening rupee, which surged 19 paise against the US dollar, further lifted sentiments, traders said.

The 30-share BSE Sensex climbed 318.05 points or 0.58 per cent to close at its fresh record of 54,843.98. Intra-day, it scaled al all-time high of 54,874.10.

Similarly, the broader NSE Nifty advanced 82.15 points or 0.50 per cent to its lifetime peak of 16,364.40.

PowerGrid was the top gainer in the Sensex pack, rallying 6.22 per cent, followed by Tech Mahindra, HCL Tech, Titan, L&T, NTPC and ICICI Bank.

On the other hand, Dr Reddy's, IndusInd Bank, Axis Bank, M&M, Reliance Industries and SBI were among the laggards, dipping up to 0.67 per cent.

Market breadth was positive, with 21 Sensex stocks closing in the green, while 9 suffered losses.

Additionally, strong buying was seen in midcap and smallcap stocks after persistent selling for last couple of days.

Sectorally, BSE utilities, power, industrials, capital goods and IT indices rallied up to 3.11 per cent, while energy ended in the red.

Broader BSE midcap and smallcap indices soared up to 1.97 per cent.

Asian markets tumbled after China released a five-year plan pitching for greater business regulation amid a crackdown on its tech companies. Bourses in Europe were largely in the positive zone in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.17 per cent to $71.56 per barrel.