Sensex skyrockets 765 pts to finish at new high; Nifty tops 16,900: The Tribune India

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Bombay, August 30

The benchmark Sensex stock index zoomed 765 points to a new lifetime high on Monday, thanks to gains by index heavyweights Reliance Industries, ICICI Bank and Axis Bank amid a positive trend in global markets .

After hitting a lifetime high of 56,958.27 during the day, the 30-stock index finished 765.04 points, or 1.36% higher, at 56,889.76.

Likewise, the larger NSE Nifty jumped 225.85 points or 1.35% to its record close of 16,931.05. It hit an intra-day high of 16,951.50.

Bharti Airtel was the best winner in the Sensex pack, with over 4%, followed by Axis Bank, Tata Steel, Titan, Maruti and Bajaj Finance.

In contrast, Tech Mahindra, Nestlé India, Infosys and TCS have lagged behind.

“Domestic stocks have skyrocketed on strong global indices with the benchmark Nifty just one step above the 17,000 mark,” said Binod Modi, chief strategy officer at Reliance Securities.

The conciliatory comments of the chairman of the US Federal Reserve at the Jackson Hole symposium uplifted investor sentiment globally, he noted.

Finance and metals experienced a strong recovery. Computer science aside, most key sector indices traded in the green with a decent rebound. Large purchases of small and mid-cap stocks continued as the recent correction made the risk-return propositions favorable to investors, Modi said.

Elsewhere in Asia, the Shanghai, Hong Kong, Tokyo and Seoul stock exchanges posted gains. European stocks were also trading on a positive note during mid-session trading.

Meanwhile, international benchmark Brent oil slid 0.20% to $ 71.56 a barrel. – PTI


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