Markets enjoy new lifetime highs! Sensex tops 58,500, Nifty 50 nears 17,430; Energy outperforms; Reliance top bull; Bajaj triplets, LT rally too

In the early trading session, Sensex has clocked a new 52-week high of 58515.85. Nifty 50 touched a new all-time high of 17,429.55.

Sep 06, 2021 09:09 IST India Infoline News Service

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The fresh historic highs momentum in Indian markets does not seem to tire as Monday was another similar tale with Sensex surging over 58,500-mark and Nifty 50 clocking more than 17,400-levels for the first time ever. The domestic equities were driven by broad-based buying across sectoral indices with energy and capital goods stocks outperforming. Heavyweight stocks were in a sharp rally with behemoth Reliance Industries (RIL) leading the bull run and even earmarking a new all-time high.

Some consolidation is expected today in the large caps while midcaps could record more headway on the upside.

At around 09.35 am, Sensex was trading at 58,420.62 higher by 290.67 points or 0.5%. Nifty 50 performed at 17,415.10 soaring by 91.50 points or 0.53%.

In the early trading session, Sensex has clocked a new 52-week high of 58515.85. Nifty 50 touched a new all-time high of 17,429.55.

Sensex gainers were - Reliance Industries skyrocketing nearly 3% followed by L&T  surging 1.5%.  Stocks like Bajaj Finserv, Bajaj Auto, M&M and Bajaj Finance climbed more than 1% each.

Stocks like HUL, Bharti Airtel and HCL Tech climbed between 0.5-1%.

Sensex underperformers were - Tata Steel slipping over 1.1% followed by Power Grid and Asian Paint diving 0.7% each. HDFC Bank, NTPC, TCS and Axis Bank were marginally down.

In terms of sectoral indices, on BSE, the Energy index advanced nearly 2.5%. While Capital Goods index jumped over 340 points and the Consumer Durables index climbed nearly 300 points. BSE Industrial and Realty index also soared around 1% each.

Asian stocks were broadly on a bull run despite lower Wall Street last week after US job data that was weaker than expected. Japan's Nikkei 225 strengthened nearly 2% after Prime Minister Yoshihide Suga announced that he will not be running during the upcoming leadership election.

Further, China's Shanghai Composite index advanced more than 1%, while Hong Kong's Hang Seng jumped 0.5%. However, South Korea's KOSPI traded flat. On the contrary, Australia's S&P/ASX underperformed by tumbling nearly 0.6%.

US job report in August 2021, showed that the country added 235,000 positions which were far short of expectations.

Last week, on Friday, the Wall Street indices dipped as weaker than expected jobs data led to profit booking with Dow Jones closing lower by 75 points. Nasdaq logged a fresh new all-time high, closed at 15,360. Investors were concerned as lower jobs due to rise in covid cases could see tapering put off for some more time which means high liquidity remains in the system.

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