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Bulls shrug off taper fears as Sensex inches closer to 60K

BUY-SELL | HELP WANTED | MATRIMONIAL

Mumbai, September 23

The BSE Sensex vaulted 958 points to scale a fresh lifetime high on Thursday, propelled by across-the-board buying amid a positive trend in global equities despite hawkish comments from the US Fed. Robust gains in the rupee further buoyed sentiment, traders said.

Reversing the previous session’s lethargy, the 30-share BSE Sensex zoomed 958.03 points to end at an all-time high of 59,885.36. It scaled a new peak of 59,957.25 during the day. Similarly, the Nifty soared 276.30 points to its new closing high of 17,822.95, after touching an intra-day record of 17,843.90.

Bajaj Finserv topped the Sensex gainers’ chart, climbing 5.15%, followed by Lamp;T, HDFC, Axis Bank, SBI, Reliance Industries (RIL) and IndusInd Bank.

Index heavyweights RIL and HDFC twins accounted for nearly half of the benchmark’s gains. Only five counters closed in the red — Dr Reddy’s, ITC, Nestle India, HUL and Bharti Airtel, skidding up to 1.07%.

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“Amid a strong start, bulls showed no signs of weakness to soar higher, boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US central bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022.

“However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic realty sector continued its rally sparked by demand revival in the property space,” said Vinod Nair, Head of Research at Geojit Financial Services.

Devang Mehta, Head – Equity Advisory, Centrum Broking, said the market took the US Fed statement of starting tapering as soon as November in its stride. — PTI

Major milestones this year

Jan 21: Sensex touches 50,000-mark in intra-day
Feb 3: Closes above 50,000 for the first time
Feb 8: Ends above 51,000-level
Feb 15: Jumps above 52,000-mark
July 7: Closes above the 53,000-mark for the first time
Aug 4: Benchmark goes past 54,000 for the first time
Aug 13: Rallies above 55,000 for the first time
Aug 27: Closes above the 56,000-mark for the first time
Aug 31: Closes above the 57,000-mark for the first time
Sept 3: Ends above the 58,000-mark for the first time
Sept 16: Closes above the 59,000-mark for the first time
Sept 23: Sensex zooms 958 pts to close at new peak of 59,885

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