Bulls shrug off taper fears as Sensex inches closer to 60K
Mumbai, September 23
The BSE Sensex vaulted 958 points to scale a fresh lifetime high on Thursday, propelled by across-the-board buying amid a positive trend in global equities despite hawkish comments from the US Fed. Robust gains in the rupee further buoyed sentiment, traders said.
Reversing the previous session’s lethargy, the 30-share BSE Sensex zoomed 958.03 points to end at an all-time high of 59,885.36. It scaled a new peak of 59,957.25 during the day. Similarly, the Nifty soared 276.30 points to its new closing high of 17,822.95, after touching an intra-day record of 17,843.90.
Bajaj Finserv topped the Sensex gainers’ chart, climbing 5.15%, followed by L&T, HDFC, Axis Bank, SBI, Reliance Industries (RIL) and IndusInd Bank.
Index heavyweights RIL and HDFC twins accounted for nearly half of the benchmark’s gains. Only five counters closed in the red — Dr Reddy’s, ITC, Nestle India, HUL and Bharti Airtel, skidding up to 1.07%.
“Amid a strong start, bulls showed no signs of weakness to soar higher, boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US central bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022.
“However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic realty sector continued its rally sparked by demand revival in the property space,” said Vinod Nair, Head of Research at Geojit Financial Services.
Devang Mehta, Head – Equity Advisory, Centrum Broking, said the market took the US Fed statement of starting tapering as soon as November in its stride. — PTI
