Markets witness super rally; Sensex hits over 59k first time, Nifty 50 nears 17,600; RIL, IndusInd, ITC, SBI drive

Both the benchmarks were on their historic highs as Energy, FMCG and Banking stocks clocked super rally.

Sep 16, 2021 01:09 IST India Infoline News Service

Man riding bull representing profit in stock market
A buying frenzy across sectoral indices took Indian markets to new lifetime highs in the second half of Thursday's trading session. Sensex topped 59,000-mark for the first time. While Nifty 50 was few points away from earmarking 17,600-level. Both the benchmarks were on their historic highs as energy, FMCG and Banking stocks clocked super rally.

Energy stocks have globally risen sharply due to oil prices hitting 3-month highs. Investors were optimistic on the government's economic push while worries relaxed in terms of recovery from the pandemic. Largecap stocks also outperformed.

Sensex has hit a new 52-week high of 59,042.77, while Nifty 50 hit a fresh all-time high of 17,597.85.

At around 1.07 pm, Sensex was trading at 58,974.38 up 251.18 points or 0.43%. Nifty 50 performed at 17,573.80 higher by 54.35 points or 0.31%.

Top bulls on Sensex were - IndusInd Bank was the top gainer surging by a whopping 9% followed by ITC climbing over 7%. SBI jumped nearly 3%, while benchmark heavyweight Reliance Industries advanced 2%.

Stocks like Axis Bank, Power Grid, ICICI Bank and Bajaj Auto zoomed around 1% each.

Top bears on Sensex were - TCS diving 1.5% followed by Tech Mahindra and Tata Steel dipping 1.4% each. HCL Tech, Ultratech Cement, Infosys and Bajaj Finserv slipped more than 1% each.

In terms of sectoral indices, on BSE, the FMCG and Energy index soared by 1.4% and 1.5%. While the Bankex advanced more than 620 points. However, the IT index was the top laggard plunging over 1%. 

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