Tuesday saw a rebound market with robust buying in blue-chip stocks, lifting the NSE benchmark Nifty to its new record high during the afternoon trade. Firm global cues and steady inflows from foreign funds added to the rally.
The 50-stock Nifty saw a 0.43 per cent surge, climbing 104.85 points to hit the fresh all-time peak of 24,429.15 on Tuesday afternoon before 1.15 pm. On the other hand, the 30-stock BSE benchmark, Sensex, touched its intraday high of 80,366.42 after jumping 406.04 points.
Major Asian markets like Seoul, Tokyo, Shanghai and Hong Kong were trading higher while the US markets closed at a high the previous day.
Geojit Financial Services Chief Investment Strategist V.K. Vijayakumar told new agency PTI that despite the high valuations, there are no signs of a sharp correction in the market.
"A healthy trend in the market is that fundamentally strong largecaps are seeing buying. The rising accumulation and delivery-based buying in largecaps like RIL and ITC is a reflection of this healthy trend," the agency quoted him as saying.
Auto, PSU banks and FMCG were best performing stocks. Maruti Suzuki, ITC, Mahindra and Mahindra, State Bank of India and Cipla were the top gainers in Nifty pack. The laggards in the index included ONGC, Kotak Mahindra Bank, Reliance Industries, Grasim and UltraTech Cement.
In Sensex basket too, Maruti Suzuki, ITC, M&M and SBI gained most besides Titan. Kotak Mahindra Bank, Reliance Industries, UltraTech Cement, Tech Mahindra and NTPC were the major losers.
