Sensex ends above 85,000, Nifty scales 26K

Benchmark Sensex closed above the 85,000 level for the first time while Nifty scaled the 26,000 peak at close on Wednesday as fag-end buying in banking and power shares helped stock markets recoup early losses.

After a see-saw trade during the day, the 30-share BSE Sensex rose by 255.83 points or 0.30 per cent to settle at an all-time high of 85,169.87.

During the day, it surged 333.38 points or 0.39 per cent to hit a record intra-day peak of 85,247.42.

As many as 20 Sensex shares closed in green while 10 in red.

The broader Nifty climbed 63.75 points or 0.25 per cent to close above the 26,000 level for the first time.

The 50-issue index closed at a record high of 26,004.15 after scaling a new intra-day peak of 26,032.80.

From the 30 Sensex firms, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra and HDFC Bank were the biggest gainers.

Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India and JSW Steel were the biggest laggards.

"After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns," Vinod Nair, Head of Research, Geojit Financial Services said.

The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation, he added.

"Nifty 50 recovered from day's low in the last leg of the trade to end at record close.

"A brief China-led rally seemed to be dying out, leaving shares in Europe and Asia mixed on Wednesday after a strong start that had extended overnight gains on Wall Street," Deepak Jasani, Head of Retail Research, HDFC Securities, said.

The BSE midcap gauge declined 0.53 per cent and smallcap index dipped 0.35 per cent.

Among the indices, utilities jumped 0.99 per cent, power (0.87 per cent), realty (0.71 per cent), metal (0.40 per cent), telecommunication (0.24 per cent) and commodities (0.23 per cent).

Consumer durables, IT, services, teck, auto and industrials were the laggards.

In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,784.14 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude dipped 0.35 per cent to $74.91 a barrel.