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Sensex ends above 59K, up 418 points; Nifty tops 17,600; ITC rallies 7%

RIL, ITC and bank stocks contributed to the gains on benchmarks while metals and IT names languished

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MARKET LIVE | Markets | S&P BSE Sensex

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

The market bulls continued to party for the third straight session, pushing benchmark indices to record high levels on Thursday. A firm global market mood and recently introduced reforms for the telecom and auto sector pushed the indices to fresh peaks. Further a rally in PSU Bank stocks ahead of the Finance Minister Niramala Sitharaman's address also added to the gains. Other top contributors included index heavyweights Reliance Industries and ITC.

The BSE barometer Sensex jumped 418 points to end above 59,000 mark for the first time at 59,141. It touched a new high of 59,204 in intra-day deals. Meanwhile, its NSE counterpart Nifty gained 107 points to 17,626. It hit a new peak of 17,645 during the session. 

In the 30-pack index, 16 stocks closed in the green and 14 in the red. IndusInd Bank, ITC, SBI and RIL were the best performers, up 2-7 per cent and Tech Mahindra, Bharti Airtel, TCS and Tata Steel were the worst losers. 

Sectorally, the Nifty PSU Bank index put up a stellar show as it surged over 5 per cent amid hopes that Sitharaman would make announcements about a proposal to set up a bad bank in a press briefing later today. Nifty Private Bank and Nifty Bank were among other top gainers, up 3 per cent and 2 per cent, respectively. Nifty Media, Metal and IT were the only losers. 

The broader too rejoiced but underperformed the benchmark. The BSE Midcap index rose 0.48 per cent and the BSE Smallcap eked out 0.08 per cent gain.

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