Sensex, Nifty end at record high; Bajaj Finserv rises 8%

Mumbai, August 24

Equity benchmarks darted up to fresh lifetime highs on Tuesday, propelled by heavy buying in banking, finance and metal stocks amid supportive global cues.

The Sensex soared 403.19 points to end at a new closing high of 55,958.98. The Nifty surged 128.15 points to its all-time closing high of 16,624.60.

Bajaj Finserv was the star performer, climbing 7.91%, after it received in-principle approval from SEBI for sponsoring a mutual fund. Tech Mahindra, Tata Steel, Bajaj Finance, HDFC Bank, SBI and ICICI Bank were the other prominent winners, spurting up to 3.41%.

“Domestic equities recovered sharply today mainly led by strong rebound in financials and metals. Further, positive cues from global equities also supported markets… Notably, short coverings ahead of Famp;O expiry also aided some high beta stocks to witness sharp recovery today.

“Further, midcap and smallcap stocks witnessed sharp recovery today after seeing continued selling pressure in recent weeks. Sharp correction in number of quality midcap stocks had started offering healthy risk-reward propositions,” said Binod Modi, Head Strategy at Reliance Securities. — PTI

Strong rebound in financials

Rising for the second straight session, the BSE benchmark soared 403.19 points to end at a new closing high of 55,958.98
On similar lines, the Nifty surged 128.15 points to its all-time closing high of 16,624.60
Bajaj Finserv was the star performer, climbing 7.91%, after the company received in-principle nod from SEBI for sponsoring a mutual fund