The Sensex closed at record levels and the Nifty reclaimed 11,000 for the first time after five months as stock benchmarks extended their unforeseen bull run, overcoming pessimism over a weak rupee, higher crude prices, global trade dispute and rising US interest rates.
Continued purchases in select bluechips like Reliance Industries, HDFC and Hindustan Unilever, which have been the backbone of the recent strength in Sensex and Nifty, kept the momentum going even as market participants persisted with their bearish outlook on equities in the foreseeable future.
The Sensex ended up 282.48 points, or 0.8%, at 36,548.41 after touching an all-time high of 36,699.53. The Nifty ended up 74.90 points, or 0.7%, at 11,023.20. The NSE index is just a little over 1% away from its lifetime high of 11,171.55 which was hit on January 29. The Sensex and Nifty have gained 13% and 11%, respectively, from their 2018 lows in late March, making them the best performing emerging market since January.
Reliance Industries, which re-entered the $100-billion market capitalisation club, led gains, ending up 4.4% at ₹1,082.20.