Market / Sensex, Nifty hit record closing highs of 57,552 & 17,132 ahead of Q1 GDP data

Mumbai: Multiple records were broken today as bulls were on rampage on Dalal Street. The Sensex rallied 663 points to close above 57,000 for the first time as the market cap of companies n BSE surged past the ₹250 lakh crore mark. The Nifty scaled the 17,000-mark on Tuesday, driven by gains in Bharti Airtel, Bajaj Finance and TCS amid positive global cues.

The rupee strengthened further by 29 paise to close at 73 against the US dollar on Tuesday, marking the fourth straight session of gain following a firm trend in domestic equities and foreign fund inflows.

After touching a intraday high of 57,625.26 during the session, the 30-share BSE Sensex ended 662.63 points at its record close of 57,552.39. Similarly, the broader NSE Nifty soared 201.15 points or 1.19 per cent to an all-time closing peak of 17,132.20. It touched an intra-day record of 17,153.50.

Bharti Airtel was the top gainer in the Sensex pack, rallying nearly 7%, followed by Bajaj Finance, Bajaj Finserv, Asian Paints, Titan, TCS and Tech Mahindra.

Ajit Mishra, VP - Research, Religare Broking , said: “It’s been a phenomenal move in Nifty as it inched from 16,000 to 17,000 in August month, after spending nearly two months in consolidation. Going ahead, participants will first react to GDP data in early trade on Wednesday i.e. September 1. Besides, the auto sales will also start pouring in. We reiterate our bullish view on markets, with a focus on stock selection. The catch-up move in banking would now be the next deciding factor for the prevailing momentum to continue."

Rahul Sharma, Co-Founder, Equity99, says “100% margin will be set by tomorrow as instructed by Sebi and  volumes might get a lower incoming session, we would advise short-term players to be very cautious as profit booking might take place at higher levels use of strict stop loss will be recommended."