Sensex Hits 83,000, Nifty at All-Time High: Market Rally

Mumbai, Sep 12 (PTI) Benchmark Sensex hit the historic 83,000 level for the first time on Thursday and the Nifty settled at a lifetime high after a rally in blue-chip shares, surge in global markets and foreign fund inflows.

A sharp fag-end rally drove the 30-share BSE Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade. The index closed at a record high of 82,962.71, up by 1,439.55 points or 1.77 per cent.

The NSE Nifty surged 470.45 points or 1.89 per cent to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2 per cent. Nifty and Sensex opened higher and traded in a range till late afternoon trade.

Among the 30 Sensex firms, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India and Kotak Mahindra Bank were the biggest gainers.

Nestle emerged as the only laggard from the blue-chip pack.

While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours, Ajit Mishra – SVP, Research, Religare Broking Ltd.

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

European markets were trading higher. Wall Street ended with sharp gains on Wednesday.

"Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier.

"This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data.

FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.

Global oil benchmark Brent crude climbed 1.39 per cent to USD 71.59 a barrel.

The BSE benchmark dropped 398.13 points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45.