Sensex settles above record 85,000 level, Nifty scales 26K mount on fag-end buying

Benchmark Sensex closed above the 85,000 level for the first time while Nifty settled at a fresh lifetime high on Wednesday as fag-end buying in banking and power shares helped stock markets recoup early losses.

After a see-saw trade during the day, the 30-share BSE Sensex rose by 255.83 points or 0.30 percent to settle at an all-time high of 85,169.87. During the day, it surged 333.38 points or 0.39 percent to hit a record intra-day peak of 85,247.42.

The NSE Nifty climbed 63.75 points or 0.25 percent to close at a record high of 26,004.15. During the day, it went up by 92.4 points or 0.35 percent to reach a new intra-day peak of 26,032.80.

From the 30 Sensex firms, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra and HDFC Bank were the biggest gainers.

Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India and JSW Steel were the biggest laggards.

"After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns,” Vinod Nair, Head of Research, Geojit Financial Services said.

The domestic market may face short-term challenges owing to a decline in FIIs inflow and the shift of funds to other emerging markets due to their cheap valuation, he added.

In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The US markets ended higher on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,784.14 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude dipped 0.35 percent to $74.91 a barrel.

After oscillating between highs and lows during the day on Tuesday, the BSE benchmark dipped 14.57 points or 0.02 percent to settle at 84,914.04. During the day, it jumped 234.62 points or 0.27 percent to scale a fresh all-time intra-day peak of 85,163.23.

The Nifty eked out a marginal gain of 1.35 points or 0.01 percent to 25,940.40. During the day, it climbed 72.5 points or 0.27 percent to hit a new record intra-day high of 26,011.55.