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Closing Bell: Sensex scales 59,000 as market scales new high; Nifty Bank hits record high; ITC at 7-month high

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The 30-scrip index, Sensex closed at a record high of 59,141, as it rose 442 points. The index closed above 59,000 for the first time. The Nifty50 index surged 110 points to end at 17,631.

Closing Bell: Sensex scales 59,000 as market scales new high; Nifty Bank hits record high; ITC at 7-month high
The Indian equity benchmark indices scaled record highs during the session Thursday, with Sensex breaching 59,000 for the first time. Nifty too scaled 17,600 and both indices closed almost half a percent higher led by buying in the bank and financial stocks.
The 30-scrip index, Sensex closed at a record high of 59,141, as it rose 442 points. The index closed above 59,000 for the first time. Reliance Industries, ITC and ICICI Bank were the biggest contributors to the gain in Sensex.
The Nifty50 index surged 110 points to end at 17,631, also a record closing high. The broader markets supported the rally as both mid-caps and small-caps rallied almost a percent higher.
The mid-cap index also closed at a record high of 30,286. Market breadth was negative for the day, on a day when all major industries made a new high.
Among the 50 stocks on Nifty, IndusInd Bank, ITC, SBI, Reliance Industries, Kotak Mahindra Bank led the gains, as each scrip rose over 2 to 7 percent higher. Leading the losses were Grasim, TCS, Shree Cement, Tata Steel, and Tech Mahindra.
Among sectors on NSE, a strong rally was seen in Nifty Bank, Nifty PSU Bank, Nifty FMCG, whereas Nifty IT, Media, and Metal closed the day in the red.
Nifty Bank surged to a record closing high of 37,669, having scaled an all-time high of 37,711 during the session. All the index constituents gained with ICICI Bank, SBI, HDFC Bank leading the rally.
ITC shares closed at a seven-month high, with the stock clocking its biggest one-day gain in 16 months.  The stocks of Vodafone Idea surged over 25 percent in the session Thursday.
Globally, European shares opened higher, though market participants were still cautious after Asian equities fell for a fourth consecutive day. Investors are now focusing on the key US data due later today.
Hong Kong's Hang Seng Index led the declines in Asia, dropping to its lowest level so far this year. Chinese shares continued sinking as investors dumped property and consumer stocks. Investors are worried about the liquidity crisis at the Evergrande Group.
Over in commodities, gold prices slipped as a firm dollar dimmed its appeal. Spot gold was trading half a percent lower at $1,784.
Oil, on the other hand, held above $75 a barrel, within sight of a multi-week high hit a day earlier. The prices are supported by a big drop in US crude inventories and surging European natural gas prices.
With inputs from Reuters
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