Sensex, Nifty scale all-time high; MTNL, Tata Steel, DHFL stocks gain

The stock market of India surged to its record high on fresh buying by both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs). The BSE Sensex broke its previous high that it had scaled on 28th November 2019 and made a new high of 41,401.65 in the intraday trade session. The Nifty-50 index also broke its previous high of 12,158.8 that it had scaled on 28th November 2019 and made its new peak of 12,182.75 today. Bank Nifty index logged 166 points and closed at 32,140 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The market is overall bullish and Nifty can go up to 12,250 to 12,300 levels while the Bank Nifty can hit 32,500 to 32,600 levels. Major stocks that will lead this surge are from the auto, pharma and banking sector." Bhaumik said that for short-term, metal stocks are also expected to pick-up pace.

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Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up 3.28 per cent. Telecom major MTNL or Mahanagar Telephone Nigam Ltd share price skyrocketed 4.91 per cent, Vodafone Idea shares surged 4.39 per cent, shares of Reliance Communications soared 4.94 per cent, Bharti Airtel shot up northward by 4.37 per cent while GTPL Hathway stock price went up 2.10 per cent after the Closing Bell trade session.

Metal stocks witnessed fresh buying in the intraday trade session as the BSE Metal index surged near 3 per cent after the Closing Bell trade session. Metal major Tata Steel share price skyrocketed 4.38 per cent, SAIL or Steel Authority of India share price jumped 3.55 per cent, Jindal Steel & Power shares soared 6.54 per cent, Hindalco Industries stock price went northward 3.44 per cent while JSW Steel stocks added 2.17 per cent after the Closing Bell trade session.

Among the major Asian markets, the Japanese Nikkei shot up 113 points, South Koran Kospi skyrocketed 1.27 per cent, Hang Seng soared 335 points while the Shanghai markets went up 1.27 per cent in the intraday trade session.