Sensex rises 277 points to hit fresh closing high of 58,130; Nifty settles above 17,300 for the first time

Markets scaled to record highs on Friday with the benchmark BSE Sensex closing over 58,000 marks for the first time ever led by gains in metal and auto stocks.

After scaling an intra-day high of 58,195, the 30 share BSE index jumped 277 points or 0.48 per cent to finish at record high of 58,130. While the broader NSE Nifty settled 89 points or 0.52 per cent higher at fresh peak of 17,324.

Reliance was the top gainer in the Sensex pack rising above 4 per cent followed by Titan, Tata Steel, Bajaj Auto, Maruti, and Dr. Reddy’s.

Whereas HUL, Bharti Airtel, HDFC Bank, HDFC, Induslnd Bank and Axis Bank were the major losers falling up to 1.18 per cent.

On the NSE platform, sub-indices Nifty Oil and Gas, Media, Auto, and Metal gained as much as 2.48 per cent.

“The sentiments look positive and market is set to continue or at least hold the gains in the United States, although the market might be cautious in the second half ahead of US jobs data,” Anand James, chief market strategist at Geojit Financial Services told Financial told news agency Reuters.

Domestic markets, having outperformed Asian peers so far this year, has enjoyed its record highs on abundant liquidity and positive global cues, along with the Fed’s dovish stance.

The Nifty has hit record high 47 times and the sensex 38 times this year, as per Refinitiv Eikon data.

Investors also await US jobs data to ascertain the pace and timing of the Federal Reserve’s tapering of asset purchases.