Sensex races past 58,000; Maruti, Bajaj Auto, banks lead gains

Indian stock markets touched new highs on Friday, with the 30-stock benchmark BSE Sensex crossing 58,000 for the first time as the investor euphoria continues unabated.

The new milestone comes barely three days after the Sensex climbed past 57,000 on Tuesday, marking the shortest period for the Sensex to add 1,000 points.

The Sensex hit a high of 58,115.69 in morning trade on Friday and ended at 58, 129.95. The National Stock Exchange’s Nifty 50 also created a new record, going past 17,300 for the first time. Nity ended at 17,323.60.

The Sensex has now soared 126% since crashing to 25,638.90 in March 2020 due to concerns related to the Covid-19 pandemic. The non-stop rally has prompted many analysts to sound a note of caution and warn about a possible correction.

Maruti, Bajaj Auto and other gainers

Carmaker Maruti Suzuki and two-wheeler maker Bajaj Auto were among the top gainers, up 1.7% and 1.9%, respectively, after reporting robust vehicle sales numbers for August.

Reliance Industries, India’s biggest company by market value, rose 1.25%. Banks climbed, too. IndusInd Bank jumped 1.5% while Kotak Mahindra Bank rose 1.3%. State Bank of India, the nation’s biggest lender, rose 0.8%.

Hindustan Unilever was the biggest loser, falling 0.7% in morning trade. Tech stocks slipped as well. HCL Technologies was down 0.5% while Tech Mahindra and Tata Consultancy Services were 0.3% lower.

Midcap, Smallcap indexes

In the broader markets, the BSE MidCap index was 0.44% higher while the BSE SmallCap index gained 0.68%.

Among sectoral indexes, the BSE Auto Index was up 1.4% while BSE Consumer Durables gained 1.2%. The FMCG index was flat, weighed down losses in Hindustan Unilever and Nestle.