Sensex settles above 74k for 1st time, Nifty also hits record high

Mumbai, March 6

Benchmark Sensex and Nifty rebounded from early lows and settled at fresh record high levels in a volatile trade on Wednesday following buying in private bank and select IT shares.

The 30-share BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. During the day, it went up by 474.14 points or 0.64 per cent to hit an all-time high of 74,151.27. The index had opened lower and later fell to a day’s low of 73,321.48 in the first half.

The broader Nifty climbed 117.75 points or 0.53 per cent to settle at a lifetime high of 22,474.05. During the day, it jumped 140.9 points or 0.63 per cent to reach its record high of 22,497.20. The benchmark indices traded lower in the first half of the session but gains in private banks and pharma shares and firm European markets helped erase losses, analysts said.

Among Sensex firms, Kotak Mahindra Bank rose the most by 2.47 per cent. Axis Bank, Bharti Airtel, Sun Pharma, HCL Technologies, Mahindra & Mahindra, Titan and Tata Consultancy Services were among the major gainers.

UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors were among the laggards. “The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.

The tone was negative in the first half, tracking weak global cues, however, resilience in banking combined with sharp recovery in the IT and FMCG majors completely changed the mood as the day progressed, Ajit Mishra, SVP — Technical Research at Religare Broking Ltd, said. In broader market, the BSE smallcaps declined 1.91 per cent and midcap index fell by 0.65 per cent. — PTI

Banks, pharma shares propel market

• The benchmark indices traded lower in the first half of the session but gains in private banks and pharma shares and firm European markets completely changed the mood
• However, in the broader market, the BSE smallcap gauge declined 1.91% and midcap index fell by 0.65%