Bulls are back in action; Sensex surges 514 points

TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by HUL, UltraTech Cement, Nestle India, Kotak Bank, Dr Reddy's and Titan.

NSE Nifty surged 157.90 points to 17,234.15.

Equity benchmark Sensex rallied 514 points to end at a fresh all-time high on Thursday, tracking gains in index majors TCS, Reliance Industries and HUL amid a positive trend in global markets.

Similarly, the broader NSE Nifty finished above 17,200 at its new closing record.

The 30-share Sensex closed 514.33 points or 0.90 per cent higher at 57,852.54, and Nifty surged 157.90 points or 0.92 per cent to 17,234.15.

TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by HUL, UltraTech Cement, Nestle India, Kotak Bank, Dr Reddy's and Titan.

On the other hand, M&M, Bajaj Auto, Bajaj Finserv and Asian Paints were among the laggards.

"Domestic equities recovered sharply with benchmark Nifty recording fresh all-time high mainly aided by sharp recovery in IT, pharma and consumer spaces," said Binod Modi, head - strategy at Reliance Securities.

Heavyweight financials have also extended gains and supported rally.

Barring PSU banks and automobile, most key sectoral indices traded in green.

Strong buying momentum remained visible in midcap and smallcap stocks, he noted.

He added that high frequency economic indicators for August in the form of GST collection, railway freight, auto sales volume despite semiconductor issues and fuel volumes indicate a sustained economic recovery.

In Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

Photograph: Hemanshi Kamani/Reuters