Sensex hits 59,000, Nifty scales lifetime high, nears 17,600

BSE Sensex and Nifty were trading at new record high levels on Thursday, while auto and telecom stocks jumped after the Centre approved support packages for both the sectors. BSE Sensex hit a historic high of 58,907.78, while the Nifty 50 index surged to a new lifetime high of 17,576.90.

The S&P BSE Telecom index advanced 1.2%, with Vodafone Idea soaring over 12% after the cabinet on Wednesday approved a relief package for the sector, reports news agency PTI.

Private banks jumped as much as 1.3% to their highest in over six months. IndusInd Bank was the top gainer in the Sensex pack, rising nearly 3%, followed by Tata Steel, ITC, HCL Tech, SBI, Bajaj Finserv, Kotak Bank and Bharti Airtel. IDFC First Bank, Yes Bank and IndusInd Bank, which have respective exposures to Vodafone Idea of 3%, 2.4%, and 1.7% of their loan books, according to Nomura climbed between 2.5% and 8.2%.

The initial public offer (IPO) of auto component maker Sansera Engineering was fully subscribed on the second day of subscription on Wednesday. The ₹1,283-crore IPO received bids for 1,23,26,760 shares against 1,21,09,166 shares on offer, translating into 1.02 times subscription, as per NSE data.

Consumer goods stocks jumped 1.9% after three sessions of tepid and downward trade, with ITC Ltd advancing 7.5% to lead gains on the index. "ITC seems to have caught the eye of investors given it has been fairly valued for a while, against its over-brought peers in the FMCG (fast moving consumer goods) basket," said Likhita Chepa, a senior research analyst at CapitalVia Global Research, reports PTI.

Auto stocks advanced 0.4%, with auto parts maker Bosch Ltd rising 6.4%. The government on Wednesday also approved a $3.5 billion incentive scheme for the automobile sector.

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