Sensex gains 535 pts, Nifty hits new high on bullish sentiment
New Delhi, February 22
The 30-share benchmark Sensex and the broader 50-share NSE scaled new heights on Thursday following a bullish sentiment, which analysts say, was propelled by a seven-month-high manufacturing index and good performance by US tech companies.
The Sensex gained 535.15 points to close at 73,158.24 and the broader Nifty rose 162.40 points to close at its highest-ever closing level of 22,217.45 points. Nifty recorded its previous lifetime peak at 22,196.95 points on February 20.
In the Sensex, gains were recorded by HCLTech, ITC, M&M, TCS, Maruti, Tata Motors, Tech Mahindra, Wipro, L&T and Maruti.
“The broader market showed resilience as India’s economic activity continued to expand in February, with both service and manufacturing PMI improving.
Consequently, it resulted in outperformance in discretionary stocks and capital goods,” said Vinod Nair, head of research at Geojit Financial Services.
HSBC’s flash India Composite Purchasing Managers’ Index (PMI) rose to 61.5 in February from 61.2 in January. “The pace of acceleration in the output of India’s manufacturers and service providers, combined, was at a 7-month high in February. Encouragingly, new export orders rose sharply, particularly for goods producers,” said Pranjul Bhandari, chief India economist at HSBC. Foreign Institutional Investors were net buyers on Wednesday, purchasing securities worth Rs 284.66 crore.
BSE midcap index soars O.92%
- BSE midcap index gained 0.92%, largecap index climbed 0.81% and smallcap index rose 0.54%
- In Sensex pack, HCLTech rose the maximum by 3.12%, followed by ITC, which gained 2.73%. M&M went up 2.61%, while TCS climbed 2.44%
- Bellwether auto stock Maruti gained 1.79%, while Tata Motors rose 1.20%
