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Home / Business / Sensex scales 55000 as record run continues

Sensex scales 55000 as record run continues

Index heavyweights TCS, RIL, Infosys and the HDFC twins saw robust buying, while pharma stocks slipped
Sectorally, BSE telecom, tech, capital goods, IT, energy and consumer durables indices rose up to 1.80 per cent, while realty, healthcare and utilities ended in the red.
Sectorally, BSE telecom, tech, capital goods, IT, energy and consumer durables indices rose up to 1.80 per cent, while realty, healthcare and utilities ended in the red.
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Our Bureau   |   Mumbai   |   Published 14.08.21, 12:49 AM

The BSE Sensex on Friday vaulted above the 55000-mark for the first time —  climbing 1000 points in just eight trading sessions since it crossed the 54000 mark on August 4 — as investors remained in risk-on mode amid favourable macroeconomic data and growth optimism. 

Index heavyweights TCS, RIL, Infosys and the HDFC twins saw robust buying, while pharma stocks slipped.

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Rallying for the second straight session, the 30-share Sensex jumped 593.31 points, or 1.08 per cent, to its new all-time closing high of 55437.29. It touched an intra-day record of 55487.79 during the day.

Similarly, the NSE Nifty breached the 16500 level, advancing 164.70 points, or 1.01 per cent, to its fresh closing peak of 16529.10. It surged to a intra-day record of 16543.60.

TCS was the top performer among the Sensex components, spurting 3.22 per cent, followed by L&T, Bharti Airtel, HCL Tech, Tata Steel and Bajaj Auto.

PowerGrid, IndusInd Bank, Dr Reddy’s, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra were among the laggards, skidding up to 1.28 per cent. During the week, the Sensex rallied 1159.57 points, or 2.13 per cent, while the Nifty soared 290.90 points or 1.79 per cent.

“A sustained rebound in IT followed by recovery in financials and consumers aided benchmark indices to defy weak cues from Asian markets and scale fresh records,” said Binod Modi, head — strategy at Reliance Securities.

IT stocks remained in focus throughout the week and investors lapped up quality IT names because of sustained double-digit revenue growth visibility backed by strong deal wins, he added.

“Domestic main indices raised the bar, registering new highs, bolstered by favourable economic data and a strong performance by large caps such as IT, FMCG and telecom.

“Investor sentiment was boosted as retail inflation eased to 5.59 per cent in July from 6.26 per cent in June owing to softening food prices. Moreover, industrial production rose 13.6 per cent YoY in June on account of good performance by manufacturing, mining and power sectors,” said Vinod Nair, head of research at Geojit Financial Services.

Sectorally, BSE telecom, tech, capital goods, IT, energy and consumer durables indices rose up to 1.80 per cent, while realty, healthcare and utilities ended in the red.



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