Markets continue historic highs frenzy; Sensex tops 58,900 first time, Nifty 50 races for 17,600; FMCG, Bank stocks outperforms; IndusInd, ITC lead

In the early deals, Sensex touched a new lifetime high of 58908.18, while Nifty 50 clocked a fresh all-time high of 17,576.90.

Sep 16, 2021 09:09 IST India Infoline News Service

Indian markets new historic highs unstoppable! Investors were upbeat in benchmarks Sensex and Nifty 50 on Thursday after the government gave further economic push by announcing major reforms in the telecom sector and even approved production linked incentive schemes for the auto and drone industry. A broad-based buying was witnessed across the sectoral indices with FMCG and banking stocks outperforming. Sensex topped 58,900-level for the first time while Nifty 50 placed itself for 17,600-mark.

In the early deals, Sensex touched a new lifetime high of 58908.18, while Nifty 50 clocked a fresh all-time high of 17,576.90.

At around 09.40 am, Sensex was trading at 58,866.34  up 143.14 points or 0.24%. Nifty 50 performed at 17,563.95 higher by 44.50 points or 0.25%.

Consolidation is expected in today's trading session as midcaps continue to outperform.

Top bulls on Sensex were - IndusInd Bank and ITC climbing nearly 5% followed by Bajaj Auto soaring 1%. Stocks like SBI, Kotak Bank, Power Grid, HUL and RIL jumped between 0.5-1%

Top bears on Sensex were - NTPC and Tech Mahindra diving by 0.9% and 0.8% respectively. HCL Tech, Infosys, TCS and Bajaj Finance were under selling pressure as well.

In terms of sectoral indices, on BSE, the FMCG index surged by 1.5%. BSE Bankex also advanced more than 220 points. IT and Oil & Gas indexes were top laggards.

On the global front, BSE Sensex and Australian shares outperformed their counterparts as the broader Asian markets looked choppy with Hong Kong, Chinese. Japanese and South Korean shares nosediving.

Shanghai Composite and KOSPI dived 0.7% each, while Nikkei 225 slipped around 1%. Hang Seng was worst hit by nosediving nearly 500 points.

Asian stocks erased early gains despite a strong Wall Street overnight that even pushed the US dollar benchmark to its lower end in the recent range.

Notably, higher ETF flows have been the elixir for Asian markets with money seeing a move from developed to emerging markets. Chinese stocks have lagged behind their Asian peers as Government policy on internet/fintech sees foreign funds turn sellers.

Overnight, on Wall Street, US markets settled with gains as energy stocks lead the gainers with oil prices at 3-month highs. Bond yields trade near 1.29% even as US$ sees initial weakness being bought into the US sees high. A higher tax proposal gets go-ahead from White House which could see higher volatility soon.

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