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Closing Bell: Nifty50 tops 17,350 as market extends record-breaking spree

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Gains in heavyweight Reliance Industries shares continued to support the market. However, weakness in financial services shares -- especially private banks -- played spoilsport.

Closing Bell: Nifty50 tops 17,350 as market extends record-breaking spree
Indian equity benchmarks surged to record highs for yet another day on Monday with the Nifty50 index crossing the 17,350 mark, led by IT and consumer durable shares. Gains in heavyweight Reliance Industries shares continued to support the market. However, weakness in financial services shares -- especially private banks -- played spoilsport, keeping the upside in check.
Dalal Street also tracked gains across Asian markets after weak jobs data from the US raised hopes that the Federal Reserve could continue its massive economic support for a longer period.
The Sensex index rose 166.96 points or 0.29 percent to end at 58,296.91 and the broader Nifty50 benchmark climbed 54.20 points or 0.31 percent to 17,377.80 -- a second straight day of record closing highs. During the session, Sensex and Nifty clocked all-time highs of 58,515.85 and 17,429.55 respectively.
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"Hopes of continued economic support by the Federal Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global markets. Economic normalisation attracted buyers in realty stocks while safe-haven IT stocks continued to lead the upbeat market," said Vinod Nair, Head of Research at Geojit Financial Services.
Among blue-chip stocks, Wipro, HCL Tech, Infosys, Reliance Industries, Hindalco, Tech Mahindra and Grasim -- ending between 1.33 percent and 4.95 percent higher -- were the top gainers. On the other hand, Indian Oil, IndusInd Bank, ONGC, Britannia, Kotak Mahindra Bank, Sun Pharma and ITC -- closing between 0.74 percent and 1.55 percent lower -- were the worst hit among 26 laggards in the Nifty50 universe.
Reliance Industries shares rose 1.52 percent to close at a record Rs 2,424.55, taking the oil-to-telecom conglomerate's market capitalisation to Rs 16.75 lakh crore, after the company said its unit invested Rs 393 crore in Strand Life Sciences. RIL's market value has risen by Rs 1 lakh crore in two back-to-back trading sessions.
Besides RIL, Wipro and HCL Tech were among the 13 Nifty50 stocks that hit record highs.
Broader markets also participated in the upmove, with the Nifty Midcap 100 and Smallcap 100 indices rising 0.4 percent and 1.1 percent respectively.
Prestige, IndiaMart, Oberoi Realty, Vakrangee and Caplin Point Labs -- rising between 7.14 percent and 15.92 percent -- were among top gainers in the broader segments.
On the other hand, Adani Total Gas, ICICI Securities, HAL, IDFC and Birla Corporation -- declining between 2.43 percent and 5 percent -- were among the top losers.
Meanwhile, European markets edged towards record levels as hopes of more economic stimulus bolstered global sentiment. The pan-European STOXX 600 index rose 0.5 percent. Earlier in the day, Asian markets ended mildly higher.