Nifty, Bank Nifty Soar to Record Highs as Sensex Rallies on Broad Buying

At the close of trade, the Sensex gained 573 points, or 0.67 per cent, to settle at 85,762. The Nifty, meanwhile, advanced by 182 points, or 0.70 per cent, to close at 26,328.

Nifty hit a record high at 26,330 earlier in the day. Its previous high was 26,325. Bank Nifty also surged to a fresh all-time high of 60,152.35, driven by continued strength in the banking pack.

At the closing bell, about 2,527 shares had advanced, 1,347 shares declined, and 135 shares unchanged.

Coal India and NTPC were among the major gainers on the Nifty.

On the sectoral front, Nifty FMCG was only loser, down 1.15 per cent. Nifty PSU Bank was the top gainer, up 1.78 per cent. Auto, metal, realty, consumer durables, power were up 1 per cent each.

The auto pack gained traction on the back of encouraging auto sales numbers. Market sentiment remained positive, supported by stable domestic macro fundamentals and continued confidence in India's medium-term growth trajectory.

The broader markets outperformed the benchmark indices as Nifty Midcap 100 index gained 1.04 per cent, while the NSE Smallcap 100 edged up 0.78 per cent.

The Nifty had slipped to an early low of 26,118 in the opening minutes, and, thereafter, witnessed steady buying interest. The index traded near the day's high, reflecting sustained positive momentum through the session.

"A sustained hold above 26,300 could accelerate the rally toward 26,500, with an extended upside potential toward 26,700 on strong follow-through. The near-term bias stays bullish, with dips toward 26,200 likely to attract buying interest," an analyst said.

Meanwhile, the Indian rupee weakened past the 90-mark against the US dollar during the trading session.

Overall, the broader sentiment remained positive, supported by banking strength and firm market breadth, market watchers said, adding that expectations around the upcoming earnings season remain constructive, particularly for banking, infrastructure, consumer goods, and manufacturing-linked sectors.

- IANS