Sensex surges over 500 points, Nifty scales fresh all-time high

The Sensex soared 535.15 points or 0.74% to close at 73,158.24 points.
Representative Image.
Representative Image.

NEW DELHI: The domestic equity market on Thursday witnessed a strong recovery, with Nifty notching up a fresh all-time high and Sensex surging over 500 points as investors went on a buying spree in IT, technology and automobile stocks.

After volatility persisted for most part of the session, the benchmark indices rebounded in the last one hour of trading amid improving domestic macroeconomic indicators and positive global cues, including impressive earnings from the US technology space.

The Sensex soared 535.15 points or 0.74% to close at 73,158.24 points. As many as 22 Sensex constituents closed in the green and the index touched an intra-day high of 73,256.39 points.

Broader Nifty jumped 162.40 points or 0.74% to touch its highest-ever closing level of 22,217.45 points. During intraday trade, the index touched the peak of 22,252.50 points and 25 Nifty constituents ended the session with gains. Nifty recorded its previous lifetime peak at 22,196.95 points on February 20.

“The domestic market staged a recovery from the day’s low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks,” ,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The broader market showed resilience as India’s economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods.”

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The New Indian Express