Surging Sensex, Nifty close at all-time high

Chandigarh, July 9

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Indian benchmark equity indices Sensex and Nifty 50 logged all-time closing high levels on Tuesday. The 30-share BSE benchmark Sensex touched a lifetime peak of 80,397. However, it ended at 80,351.64, up 391.26 points or 0.49 per cent.

Similarly, the Nifty50 index recorded a fresh record high of 24,444 on the NSE, before ending at 24,433.20, up 112.65 points or 0.46 per cent.

Among the major gainers include, Maruti Suzuki, Mahindra & Mahindra, and ITC. According to brokers at this level, the investor should adopt a “buy on dips” strategy in the short term.

The BSE MidCap, and SmallCap indices started on a firm note. They turned negative soon after and finally bounced back and end 0.36 per cent and 0.22 per cent higher, respectively.

Especially, auto stocks rose after the Uttar Pradesh government announced the complete registration waiver on strong hybrid cars. According to analysts, car maker Maruti Suzuki and consumer stocks helped the benchmarks continue their post-election rally. The bull-run was supported by strong macroeconomic growth outlook and steady return of foreign inflows continued to aid sentiment.

On the sectoral front, Nifty Auto ended 2.2% higher, led by Maruti Suzuki and Mahindra & Mahindra. Nifty Pharma, Bank, Financial Services, FMCG, Realty, and Healthcare also closed higher. Also, the Bank Nifty opened with a gap down note but later showed bullish momentum.

Finally, Bank Nifty settled the day on a positive note at 52,569 levels.