Sensex rises 535 points, as the Nifty reaches a fresh peak amid optimism

A seven-month high manufacturing index and strong performance by US IT giants drove the optimistic feeling that saw the 30-share benchmark Sensex and the larger 50-share NSE soar to record heights on Thursday.

The wider Nifty increased 162.40 points to conclude at its highest-ever closing level of 22,217.45 points, while the Sensex gained 535.15 points to close at 73,158.24. On February 20, the Nifty reached its previous lifetime high of 22,196.95 points.

HCLTech, ITC, M&M, TCS, Maruti, Tata Motors, Tech Mahindra, Wipro, L&T, and Maruti all had advanced on the Sensex.

“The overall market showed resilience as India’s economy grew in February, as seen by improvements in the PMIs for manufacturing and services.

Thus, capital goods and discretionary companies outperformed as a consequence, according to Vinod Nair, head of research at Geojit Financial Services.

The flash India Composite Purchasing Managers’ Index (PMI) released by HSBC increased from 61.2 in January to 61.5 in February. In February, the aggregate output of India’s service providers and manufacturing reached a seven-month high. Positively, new export orders increased significantly, especially for manufacturers of products, according to HSBC Chief India Economist Pranjul Bhandari. On Wednesday, foreign institutional investors bought assets valued at Rs 284.66 crore, making them net purchasers.

Midcap BSE index jumps by O.92%

The BSE smallcap index increased by 0.54%, the largecap index increased by 0.81%, and the midcap index gained by 0.92%.
HCLTech had the largest increase in the Sensex pack, rising 3.12%, while ITC gained 2.73%. TCS increased by 2.44%, whereas M&M increased by 2.61%.
Tata Motors had a rise of 1.20%, while Maruti, the bellwether car stock, gained 1.79%.