The benchmark BSE Sensex hit the 35,000 level for the first time in late afternoon trade on 17 January as buying gathered momentum on easing fiscal deficit worries.
The 30-share index crossed the 35,000-mark by jumping 231.73 points or 0.66 percent to 35,002.78, breaching its previous intra-day record of 34,963.69 hit on 15 January.
For the first time, Sensex crossed a record-breaking 35, 000 mark.
Nifty Bank hit an all-time high with about 12.7 lakh shares of HDFC Standard Life changing hands in a block deal and about 46 lakh shares of Fortis Healthcare changing hands in two block deals, according to Bloomberg Quint.
It took 17 sessions for the index to reach the 35,000 mark from the 34,000 level. The index reached the 34,000 mark on 26 December 2017.
Strong gains in banking, IT, FMCG, and capital goods stocks helped the index top new milestone.
Sentiments got a boost after the government on 17 January lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier, brokers said.
All sectoral indices, driven by IT, banking, PSU, capital goods, and healthcare, with gains of up to 1.21 percent.
The NSE Nifty spurted 61.15 points, or 0.57 percent, to trade at 10,761.60.
Analysts said strong liquidity in the market following unabated buying by foreign funds inflows and encouraging third quarter earnings by some companies lifted the mood.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 693.17 crore while domestic institutional investors (DIIs) had sold equities worth a net Rs 246.38 crore on 16 January, as per provisional data.
The big gainers that helped the flagship Sensex to a new peak were SBI, Axis Bank, Infosys, Adani Ports, Yes Bank, ICICI Bank, L&T, TCs, ITC Ltd, Dr Reddy's, Sun Pharma, Bajaj Auto, Power Grid, NTPC, HDFC Ltd, M&M, and Tata Steel, surging up to 3.43 percent.
Asian stocks were mixed, while European markets were down in their opening trade.
(We Indians have much to talk about these days. But what would you tell India if you had the chance? Pick up the phone and write or record your Letter To India. Don’t be silent, tell her how you feel. Mail us your letter at lettertoindia@thequint.com. We’ll make sure India gets your message.)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)