Markets hit fresh lifetime highs; Sensex gains 370 points

NTPC, Mahindra & Mahindra, Power Grid, Nestle, Tata Motors were among gainers

Aided by news that the COVID-19 infections were peaking in some of the worst affected areas around the world, the Indian markets in sync with the global markets witnessed a relief rally | PTI

Equity benchmark indices Sensex and Nifty advanced further to settle at record highs for the second straight session on Thursday, buoyed by lower crude prices in international markets and fresh foreign fund inflows amid a largely positive global cue.

Hectic buying in energy, metal and FMCG counters also added to the momentum, traders said.

Rising for the fifth consecutive day, the 30-share BSE Sensex jumped 371.95 points or 0.52 per cent to settle at an all-time closing high of 72,410.38. During the day, it rallied 445.91 points or 0.61 per cent to reach its lifetime peak of 72,484.34. The Nifty climbed 123.95 points or 0.57 per cent to settle at a fresh record of 21,778.70. During the day, it zoomed 146.7 points or 0.67 per cent to hit its lifetime high of 21,801.45.

"The benchmark index maintained its optimism and hit a fresh high owing to ease in the Red Sea issue and reversal of FII inflows. A decline in crude oil prices below $80 prompted widespread purchasing across oil and energy companies.

"The Asian market too advanced due to expectation of more aggressive rate cuts by the Fed next year," said Vinod Nair, Head of Research at Geojit Financial Services.

Among the Sensex firms, NTPC, Mahindra & Mahindra, Power Grid, Nestle, Tata Motors, ITC, Bharti Airtel and Kotak Mahindra Bank were the major gainers.

In contrast, Larsen & Toubro, Wipro, JSW Steel, UltraTech Cement, and Asian Paints were among the laggards.

In Asian markets, Seoul, Shanghai, and Hong Kong settled with gains, while Tokyo ended lower.

European markets were trading marginally lower. The US markets ended in the green on Wednesday.

Global oil benchmark Brent crude declined 0.73 per cent to $79.07 a barrel.

Foreign Institutional Investors (FIIs) turned buyers on Wednesday after continuous offloading and bought equities worth Rs 2,926.05 crore, according to exchange data.

In the previous session, the BSE benchmark jumped 701.63 points, or 0.98 per cent, to settle at its all-time closing high of 72,038.43. The Nifty climbed 213.40 points, or 1 per cent, to settle at a record high of 21,654.75.

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