Landmark Tuesday: Market at New High; Sensex up 662 Points

The Indian stock market soared on Tuesday, 31 August, with both the BSE Sensex and Nifty50 reaching new landmark levels.

The journey to the new high was achieved in record time.

The BSE Sensex crossed the 57,000-mark and touched a record high of 57,625.26 points, while the Nifty50 on the National Stock Exchange hit the 17,000-level for the first time in its history. It hit an all-time high of 17,153.50 points during the day.

It was the fastest 1,000-point gain for Nifty50. The indices made the journey from 16,000 to 17,000 in just 28 days.

The across-the-board rise was led by telecom, IT and health.

Sensex settled at 57,552.39, higher by 662.63 points or 1.16 percent from its previous close of 56,889.76 points. It opened at 56,995.15 and recorded an intra-day low of 56,859.10 points.

Nifty closed at 17,132.20 points, higher by 201.15 points or 1.19 percent from its previous close.

"Nifty is in the blue sky zone, crossing all of the intermediate highs and hurdles, touching fresh record high levels of 17,132. All the parameters on technical charts are on the bullish side."

Rahul Sharma, Co-Founder, Equity99

This type of formation on charts are indicating that bulls have taken charge and further highs are expected with the support of midcaps and Nifty Bank to 17,200 to 17,225 and 17,300 levels, which will be tested, Sharma said, adding that Nifty on the downside has strong immediate support at 17,075 followed by 17,000 and 16,900 levels.

Santosh Meena, Head of Research, Swastika Investmart, said: "We are outperforming global markets where a move above 17,000 in Nifty pushed the bears on the backfoot, and that caused a big short-covering rally today as threatened bears are the biggest bulls for the market. We were doing well despite the lack of buying by FIIs and we got momentum once FIIs started to show buying interest post Jarrom Powell's speech."

The top gainers on the Sensex were Bharti Airtel, Bajaj Finance and Bajaj Finserv, while the only losers were Nestle India, IndusInd Bank and Reliance Industries.