Indian shares rose on Thursday to reach fresh record highs, with banking, financial and fast-moving consumer goods (FMCG) stocks leading the surge.
The benchmark 30-share BSE Sensex climbed 417.96 points, or 0.71 percent, to settle at a fresh record high of 59,141.16 despite mixed global cues.
Likewise, the broader NSE Nifty index finished at a record high of 17,629.50, up 110.05 points, or 0.63 percent, from its previous close as investors awaited details on the creation of a government-funded ‘bad bank’ later in the day.
Consumer product company ITC jumped 6.6 percent after multiple large trades, while SBI surged 4.8 percent after cutting interest rates on home loans. Reliance Industries and IOC both rose about 2 percent.
Vodafone Idea shares soared as much as 28 percent, a day after the Union Cabinet approved a relief package for the telecom industry.
Banks with exposure to the cash-strapped telecom firm followed suit, with IndusInd Bank rising 7.3 percent, Yes Bank rallying 12.6 percent and IDFC First Bank gaining 4.4 percent.
Auto parts maker Bosch advanced nearly 5 percent, a day after the government cleared Rs 25,938 crore worth new production-linked incentive (PLI) scheme for the automobile sector.
On the losing side, Tata Steel, Shree Cement, TCS, Bharti Airtel and Grasim fell 1-2 percent.
Shares of Poonawalla Fincorp plunged 5 percent as market regulator SEBI barred its Managing Director and seven others from the markets in an insider trading case.
Market Analysis
Sensex Ends Above 59,000; Nifty Tops 17,600
2021-09-16 11:11:54
