Sensex soars above 62,000 mark, IT & oil stocks shine

Mumbai: Key stock indices Sensex and Nifty rallied over 1 per cent to close at life-time highs following gains in IT, banking and oil stocks and firm trends in global markets on expectations of slower rate hikes by the US Federal Reserve.

Benchmark BSE Sensex rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak, as 26 of its components ended in the green. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.

The broader Nifty of the National Stock Exchange jumped 216.85 points or 1.19 per cent to end at a record high of 18,484.10. As many as 44 of its stocks advanced and six declined. During the day, it hit its 52-week high of 18,529.70, higher by 262.45 points or 1.43 per cent.

In the three-day rally, Nifty rose by over 2 per cent or 324 points while Sensex advanced 1,167 points or close to 2 per cent.

From the Sensex pack, Infosys was the lead gainer with a 2.93 per cent rise. HCL Technologies jumped 2.59 per cent, Power Grid by 2.56 per cent, Wipro by 2.43 per cent, Tech Mahindra by 2.39 per cent and TCS by 2 per cent. Hindustan Unilever, Reliance, ICICI Bank, HDFC, HDFC Bank and Mahindra & Mahindra were among the major winners.

Bajaj Finserv, Tata Steel, Bajaj Finance and Kotak Mahindra Bank were the laggards.

In the broader market, the BSE midcap gauge rose by 0.52 per cent and smallcap index climbed 0.42 per cent.

International oil benchmark Brent crude was trading 0.46 per cent lower at $85.02 per barrel. Foreign Institutional Investors (FIIs) offloaded shares worth Rs 789.86 crore on Wednesday, as per exchange data.