Sensex hits 35,000 for the first time as IT stocks lead gains
Sensex rose to 35,000 for the first time as IT stocks lead gains: The BSE Sensex rose over 220 points to hit the 35,000 mark for the first time on Wednesday due to gains in banking and IT stocks.
The Sensex hit an all-time high of 35,031.69 while the NSE benchmark Nifty jumped nearly 80 points to a record high of 10,772.70 in the last hour.
State-owned banks rallied post reports that government will reduce additional borrowing requirements from Rs 50,000 crore to Rs 20,000 crore on higher direct tax collections.
The Nifty PSU Bank sub-index of NSE was up more than 4 per cent. Lower borrowings by the government will have a positive impact on bond yields, which has been witnessing an upward trend recently.
SBI was the top gainer in Nifty. Gains in the market were led by SBI which jumped nearly 4 per cent to Rs 307.40. Infosys, Aurobindo Pharma, Axis Bank, Yes Bank, ICICI Bank were the other prominent gainer in the index that appreciated between 1.5-3 per cent.
However, overall market breadth was not in favour of gainers as out of the 2,990 shares traded on BSE, 1,368 shares advanced while 1,489 shares declined.
-PTC News
