The National Stock Exchange’s benchmark index – Nifty 50 index rallied a whopping 1,000 points in a mere 19 trading sessions to surpass the 17000 mark, its quickest 1,000-point jump ever. The BSE benchmark 30-share index Sensex also entered uncharted territory, achieving an all-time high of 57,625. The Sensex rallied 663 points to close at record high of 57,552 and Nifty50 index jumped 201 points to close at an all-time high of 17,132.
In the month of August, the Sensex rallied as much as 9.44 per cent and Nifty has jumped 8.88 per cent. Easy liquidity conditions, interest rates at all-time lows and hopes of quick economic recovery in the wake of faster vaccination and low active Covid-19 cases are some reasons behind the stupendous bull-run in Indian markets, analysts said.
The rally in Indian equity markets received support from the world markets after the US Fed Chairman Jerome Powell indicated the US central bank could begin scaling back its bond buying program by year-end, but did not give a firm timeline.
Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, Bharti Airtel, Britannia Industries, Hindustan Unilever and HCL Technologies were among the top Nifty gainers in August.
In Tuesday’s record-breaking session, buying was visible across the sectors as all the 19 sector gauges compiled by the BSE ended higher led by the S&P BSE Telecom Index’s nearly 5 per cent gain.
Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap index rose 0.83 per cent and S&P BSE SmallCap index advanced 0.86 per cent.
Hindalco, Eicher Motors, Shree Cements, Indian Oil, Bajaj Finserv, Asian Paints, TCS, Adani Ports were among the top Nifty losers.
On the flipside, Tata Motors, Nestle India, IndusInd Bank, Reliance Industries, Bharat Petroleum and Power Grid were among the notable Nifty losers.
The overall market breadth was neutral as 1,625 shares ended lower while 1,570 closed higher on the BSE.