Market at new peak: Sensex rallies 277 pts to end above 58K; Nifty tops 17,300

MUMBAI: Equity benchmark Sensex surged 277 points to close above the 58,000-mark for the first time on Friday, driven by gains in index major Reliance Industries amid a largely positive trend in global markets and sustained foreign fund inflows.
The 30-share Sensex settled 277.41 points or 0.48 per cent up at its lifetime closing high of 58,129.95. It touched an intra-day record of 58,194.79.
Similarly, Nifty advanced 89.45 points or 0.52 per cent to its all-time closing peak of 17,323.60. During the session, it touched a record of 17,340.10.
Reliance Industries was the top gainer in the Sensex pack, soaring over 4 per cent, followed by Titan, Tata Steel, Bajaj Auto, Maruti and Dr Reddy’s.
On the other hand, HUL, Bharti Airtel, HDFC twins and IndusInd Bank were among the laggards.
Domestic equities extended gains mainly led by rebound in metal and automobile stocks. A sharp rise in RIL supported benchmarks, said Binod Modi, Head – Strategy at Reliance Securities.
Notably, barring financials and FMCG, most key sectoral indices ended in the green. Buying remained visible in midcap and smallcap stocks, while volatility index inched up 2 per cent.
“Nifty gained around 3.5 per cent this week mainly led by revival in FIIs flow following dovish commentary from Fed chairman Jerome Powell in Jackson Hole Symposium last week and sustained domestic flows, while around Rs 10 lakh crore was accumulated in investors’ wealth during the week,” he said.
In Asia, bourses in Shanghai and Hong Kong ended with losses, while Seoul and Tokyo were positive.
Equities in Europe were largely trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.51 per cent to USD 73.40 per barrel.

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