Market Update: Sensex, Nifty log new closing peaks on fag-end buying

After a brief pause, stocks continued their upward march on Thursday with benchmark Bombay Stock Exchange (BSE) Sensex rising 122.59 points to new closing peak of 29,681.77 and Nifty index gaining 38.05 points to 8,952.35 on fag-end buying in select bluechips amid expiry of monthly equity derivatives.

Besides, in-line earnings from some firms and strong foreign capital inflows helped the indices end in the green.

While Sensex resumed its rise after breaking a 8-day rally on Wednesday, Nifty rose for the 10th straight session.

Shares of Realty, Refinery, Healthcare and FMCG sectors were the major gainers of the day.

The BSE Sensex resumed lower at 29,516.49 and dropped further to 29,378.30 on profit-booking amid lower global cues.

However, it recovered afterwards to lifetime high of 29,740.63 before ending at all-time closing high of 29,681.77, showing a recovery of 122.59 points or 0.41 per cent.

The Sensex had declined by 11.86 points on Wednesday.

"January F&O expiry induced significant volatility on Thursday on benchmark indices with Nifty closing higher in spite of weal global markets and negative breadth", said WealthRays Securities, Director & CEO, Kiran Kumar Kavikondala.

Among Sensex constituents, Coal India (CIL) fell over 2 per cent after government announced plans to sell up to 10 per cent stake on January 30.

Meanwhile, the CNX 50-share Nifty firmed up further by 38.05 points, or 0.43 per cent, to finish at 8,952.35 after hitting intraday high of 8,966.65.

"Asian stocks ended lower after the US Federal Reserve unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with plans to raise interest rates this year", experts said.

Key benchmark indices in China, Taiwan, Hong Kong, Japan and South Korea fell by 0.54 per cent to 1.31 per cent while Singapore Strait Times ended steady.