Sensex crosses 58000 on multiple positive cues

Mumbai: With bulls in total control the Sensex rose above the 58000 mark and closed at a new all time high of 58,129.95 gaining 277 points or 0.48 per cent.
The Nifty too rose to 17,323 gaining 89.45 points or 0.52 per cent.

The rise was witnessed across market cap sizes and sectors, though the uptick in mid-caps and small-caps was a bit muted, with BSE Mid-cap Index up 0.35 per cent and BSE Small-cap up 0.41 per cent.

Both foreign portfolio investors and domestic institutions were net buyers of equities worth Rs 768.58 crore and Rs 668.60 crore, respectively.

The top Sensex gainers included index heavy weight Reliance Industries, which closed at Rs 2388.25, gaining 4.12 per cent. RIL’s market cap crossed Rs 15 lakh crore for the first time.

"Allocations are now increasingly shifting towards quality stocks where the earnings visibility and the balance sheet strength are very high," Rahul Sharma, co- founder, Equity99, said.

"The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed chief that tapering may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets," Joseph Thomas, head of research, Emkay Wealth Management said.