Stock Market Updates: Sensex hits 57k, Nifty above 16,950; HCL Tech, Bharti Airtel top gainers

Equity benchmark Sensex jumped over 100 points to cross 57k for the first time. At 09:18 hours, the 30-share BSE index was trading 131.6 points or 0.23 per cent higher at 57,021.42, and the broader NSE Nifty was up 30 points or 0.18 per cent to 16,961.35.

HCL Tech was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Bharti Airtel, Tech Mahindra, Titan, TCS, Infosys and Asian Paints.

On the other hand, M&M and ICICI Bank were among the losers.

On August 31, Sensex surged 765 points to scale a fresh lifetime high, driven by gains in index heavyweights Reliance Industries, ICICI Bank and Axis Bank amid a positive trend in global markets.

After touching a lifetime high of 56,958 during the day, the 30-share index ended 765 points or 1.36 per cent higher at 56,889.76.

Nifty rose 225.85 points or 1.35 per cent to its record closing of 16,931.05. It touched an all-time intra-day high of 16,951.50.

Deepak Jasani, Head of Retail Research, HDFC Securities said,” Sharply positive advance decline ratio has improved sentiments, though participants are aware of the high valuation and possibility of a correction that can set in soon. 17,000 is the next logical target for the Nifty while 16731 is the support for the near term.”

Foreign institutional investors (FIIs) bought shares worth Rs 1202 crore on August 30 and DIIs lapped up shares worth Rs 688 crore, as per provisional data available on NSE.