Sensex surges 958 pts to close at record highs, Nifty too scales new closing highs

The Indian equity benchmarks were hitting record highs after US Federal Reserve signaled that it would start raising its benchmark interest rate earlier and likely to easing of on its monthly bond buying as early as November

The Nifty Realty index scored high with a gain of nearly 9 per cent on the back of bullish sentiment gaining traction for real estate companies. Pic: Bombay Stock Exchange PTI file photo

The Sensex surged 958 points to close at record highs on Thursday (September 23) logging its biggest gain in four months, while Nifty too scaled new closing highs.

Media reports highlighted how the Sensex had zoomed to close at a record 59,885.36, nearly hitting the 60,000 mark, while Nifty 50 index shot up 176 points to close above its key level of 17,800 for the first time prompted by gains in banking, financial services, and oil and gas shares.

The Indian equity benchmarks were skyrocketing after the US Federal Reserve signaled that it would start raising its benchmark interest rate sometime next year, earlier than it had envisioned three months ago. On Wednesday night, the US Fed said that it will probably start easing of on its monthly bond buying as early as November if its economy keeps improving, said a NDTV Profit report.

Reliance Industries, HDFC, HDFC Bank, Infosys, ICICI Bank and Larsen & Toubro were among the top movers in the Sensex. Together, they had collectively contributed over 750 points towards the Sensex.

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According to the NDTV Profit report, buying was visible across the sectors as all the 15 sector gauges, with the exception of the index of media shares, ended on a high note. Interestingly, the Nifty Realty index shot up by nearly 9 per cent with real estate shares rallying for the second consecutive session on Thursday.

This comes after bullish sentiment picked up for real estate companies after Godrej Properties said that it achieved record sales at its Godrej Woods project located in Noida.

Nifty Bank, Financial Services, Metal, IT, PSU Bank, Private Bank, Consumer Durables and Oil & Gas indices also rose between 1.5-2.5 per cent. The leading Nifty gainer was Bajaj Finserv as the stock went up 4.63 per cent to close at a record high of ₹ 18,430.

Hindalco, Larsen & Toubro, Tata Motors, Coal India, HDFC, Axis Bank, ONGC, IndusInd Bank, State Bank of India, HDFC Bank and Reliance Industries also went up between 2.4-4.5 per cent. The key losers were HDFC Life, Dr Reddy’s Labs, JSW Steel, Tata Consumer Products, ITC, Nestle India and Britannia Industries.

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