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Sensex Jumps 248 Points to End at New Peak, Nifty Tops 14,500 Amid Positive Global Cues

Representative image.

Representative image.

Banking stocks once again defied red flags raised by RBI's Financial Stability Report by recovering sharply from early losses.

Equity benchmark Sensex jumped 248 points to end at a fresh life-time high on Tuesday, tracking gains in index heavyweights Reliance Industries, HDFC Bank and Bharti Airtel amid positive global cues and persistent FPI inflows. After touching an all-time high of 49,569.14 during the day, the 30-share BSE index ended 247.79 points or 0.50 per cent higher at 49,517.11.

Similarly, the broader NSE Nifty advanced 78.70 points or 0.54 per cent to a fresh closing peak of 14,563.45. It scaled a record 14,590.65 during the session. On the Sensex chart, SBI was the top gainer, rallying around 4 per cent, followed by Bharti Airtel, Reliance Industries, HDFC Bank, ITC, Axis Bank and NTPC.

On the other hand, Asian Paints, HUL, Nestle India, Titan and Kotak Bank were among the laggards. According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities remained resilient as they recovered sharply from the day's low and recorded fresh highs.

Banking stocks once again defied red flags raised by RBI's Financial Stability Report by recovering sharply from early losses, he said, adding that auto stocks continued to see healthy traction as well with expectations of good Q3 earnings and strong outlook. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,138.90 crore on Monday, according to exchange data.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red. Stock exchanges in Europe were largely trading on a positive note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.60 per cent higher at $56.55 per barrel.


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