Sensex Scales 59,000, Nifty Above 17,550; IndusInd Bank, ITC Soar Over 5%

IndusInd Bank soared more than 8 per cent a day after the government unveiled relief measures to the telecom sector and ITC shares zoomed more than 6 per cent to post their best single-day gain since March 20, 2020

Sensex Scales 59,000, Nifty Above 17,550; IndusInd Bank, ITC Soar Over 5%

SBI, Reliance Industries and ICICI Bank gained 1-3 per cent each on the BSE

The equity benchmark indices touched touched fresh record highs on Thursday afternoon, with the Sensex surpassing the 59,000 mark for the first time, on the back of a stupendous rally in IndusInd Bank and ITC. At 12:25 pm, the BSE Sensex was trading at 59,005, higher by 275 points or 0.56 per cent and the NSE Nifty was at 17,583.50, up 66 points or 0.35 per cent. The Sensex has touched an intra-day and life-time high of 598,042.77 thus far.

IndusInd Bank soared more than 8 per cent on the BSE to Rs 1,142 per cent a day after the government unveiled relief measures to the embattled telecom sector. IndusInd Bank has a sizeable exposure to Vodafone Idea, which is likely to benefit from government's measures.

ITC shares zoomed more than 6 per cent on the BSE, posting their best single-day gain since March 20, 2020, as the stock has given a technical breakout on the charts after a long period of consolidation.

SBI, Reliance Industries and ICICI Bank were the other significant gainers in the Sensex pack, with gains of 1-3 per cent each.

On the other hand, select IT stocks including Tech Mahindra and TCS lost more than 1 per cent on the BSE. Tata Steel, Bajaj Finserv and Ultratech Cement were the other major losers on the BSE.

Among stocks in the news, Vodafone Idea surged more than 30 per cent to hit an intraday high of Rs 11.47 on the BSE a day after the government announced relief measures for the cash-strapped telecom sector. The centre announced a four-year moratorium on the pending adjusted gross revenue (AGR) dues, a move that will provide much-needed relief to the likes of Vodafone Idea and Airtel. Bharti Airtel was, however, trading flat at Rs 726.

Auto stocks were trading mixed a day after the government approved a Rs 26,000 crore production-linked incentive (PLI) for the sector to boost the production of electric vehicles. Bajaj Auto was last trading 0.96 per cent higher at Rs 3,815.55 and Hero MotoCorp was trading 0.85 per cent higher at Rs 2,899 on the BSE. On the other hand, Tata Motors and M&M shed around one per cent each, whereas Maruti Suzuki declined 0.25 per cent on the BSE.