Nifty rises marginally to hit new lifetime high on sharp gains in IT shares

Mumbai, Aug 28: Equity benchmark Nifty rose marginally to hit a fresh lifetime high of 25,052, and Sensex gained over 70 points on Wednesday, helped by buying in IT, tech and healthcare stocks amid a largely positive global market.

Foreign capital inflows and lower global crude oil prices kept the investor sentiment optimistic, traders said.

"However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week. On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks," Vinod Nair, Head of Research, Geojit Financial Services, said.

Rising for the tenth straight session, the NSE Nifty went up by 34.60 points or 0.14 per cent to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44 per cent to hit a fresh intra-day all-time peak of 25,129.60.

Extending its winning run to the seventh day in a row, the 30-share BSE Sensex climbed 73.80 points or 0.09 per cent to settle at 81,785.56. During the day, it jumped 327.5 points or 0.40 per cent to 82,039.26.

"Nifty failed to sustain mid-day gains and closed near the flatline for the day. However, it managed to touch a new all-time of 25,129.60, making 25,000 a crucial support level now. Nifty IT index was the biggest gainer on the sectoral front, rising 1.64 per cent.

"The IT index has now gained for three consecutive sessions on the back of Fed's interest rate cut comments. With India VIX gaining 2 per cent, broader markets midcap and small-caps closed in the red. Going ahead, US and Indian GDP data and tomorrow's monthly F&O expiry will be key to monitor," Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said.

Among the 30 Sensex firms, Bharti Airtel, Infosys, IndusInd Bank, Sun Pharma, Tech Mahindra, Mahindra & Mahindra, Bajaj Finance and JSW Steel were the biggest gainers.

On the other hand, Asian Paints, Maruti, Nestle, Kotak Mahindra Bank, Axis Bank and UltraTech Cement were among the laggards.