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Sensex crosses 60K for the first time, Realty, IT, Metal stock zooms

Mumbai: The market continued the record run on September 24 with Sensex crossing 60,000 mark for the first time on the back of positive cues.

Benchmark indices, Sensex and Nifty, touched a fresh record high levels of 60,333 and 17,947.65, respectively, intraday.

At close, the Sensex was up 163.11 points or 0.27% at 60,048.47, and the Nifty was up 30.20 points or 0.17% at 17,853.20. However, for the week, Sensex and Nifty added 1.5 percent each.

“Weak global market did not affect the upside momentum of the domestic market to hit record highs boosted by realty and IT stocks. India is seizing a sweet spot in the global equity market with the increase in domestic investors. However, profit-booking was noticeable in mid & small-cap stocks, which were under pressure and it can continue in the short term,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Realty stocks continued to outperform other sectors owing to an increase in property registrations, and cut in stamp duty (Karnataka) and home loan rates,” he added.

Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were among major gainers on the Nifty, while losers included Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank.

Broader market underperformed the benchmarks with BSE midcap index falling 1 percent and smallcap index declining 0.3 percent.

Except, IT and Auto all other sectoral indices ended in the red with Metal, FMCG and PSU Bank indices down 1-2 percent.

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