Stocks hit all-time high: Indian stock indices posted notable gains in the last hour of trading today, with major indices hitting new all-time highs.
The S&P BSE Sensex breached the 83,000-point mark for the first time and closed at 83,020 points. The Nifty 50 also set a new record high and closed at 25,433 points, inching closer to the 25,500 level.
Banking and IT lead the rebound
The rally was driven primarily by the banking and IT sectors, with additional support from the auto sector. Key stocks like Reliance Industries, Bharti Airtel, HDFC Bank , Information systems and ICICI Bank They contributed a total of 171 points to the Nifty 50, accounting for 38% of its total gain of 451 points today. This was the second time the Nifty 50 hit an all-time high this month. Of the 50 index components, 49 ended the day with gains, led by Hindalco up 4.5%.
Other prominent players included Bharti Airtel, NTPC, Shriram Finance, Mahindra And Mahindra, JSW Steel Eicher engines, ONGC Adani Ports and SEZs, Wipro and Grasim Industries, with gains ranging from 3% to 4.5%. The Nifty 50 closed with a gain of 1.74% at 25,351 points, while the Sensex ended with a gain of 1.83% at 83,011 points. Both indices have turned positive for September, with the Nifty 50 up 0.7% and the Sensex gaining 0.8% during the month.
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