TCS, HUL, Kotak Bank, Ultra Cemco, Nestle India and Dr Reddy were the top gainers in the sensex pack. (Representative image)
NEW DELHI: Equity indices surged to record highs on Thursday with the benchmark BSE sensex rising over 500 points led by gains in IT and fast moving consumer goods (FMCG) stocks.
The 30-share BSE index gained 514 points or 0.9 per cent to close at record high of 57,853; while the broader NSE Nifty settled 158 points or 0.92 per cent at fresh peak of 17,234.
TCS, HUL, Kotak Bank, Ultra Cemco, Nestle India and Dr Reddy were the top gainers in the sensex pack rising as much as 3.34 per cent.
Whereas M&M, Bajaj Auto, Bajaj Finserv, Bajaj Finance and Asian Paints were the major losers falling up to 2.29 per cent.
On the NSE platform, sub-indices Nifty IT, FMCG and Realty gained as much as 1.67 per cent.
“Broadly, the surge we are seeing in market is led by positive global cues (dovish US Federal Reserve). Even in the domestic (market), sectors have turned supportive with the rise in pace of vaccinations,” Ajit Mishra, vice president for research at Religare Broking told news agency Reuters.
This indicates the path of economic recovery is clear, which is reflecting in the stock market, Mishra added.
Mahindra and Mahindra fell over 2 per cent after the carmaker said it expects vehicle production at its automotive division to reduce by 20%-25 per cent this month due to semiconductor shortages.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 666.66 crore on Wednesday, as per provisional exchange data.