Sensex breaches 81,000 mark, Nifty scales 24,800 peak on gains in IT, FMCG shares

Stock markets hit record highs as Sensex crosses 81,000 and Nifty reaches 24,800, driven by IT and oil&gas shares.

Stock markets remained on record-smashing course for the fourth straight day on July 18 with benchmark Sensex breaching the 81,000 mark for the first time and Nifty scaling the record 24,800 level driven by buying in IT, oil&gas and FMCG shares.

Rebounding from its early lows, the 30-share BSE Sensex rose by 626.91 points or 0.78% to settle at a fresh closing high of 81,343.46. The index opened on a weak note and hit a low of 80,390.37 points in early trade.

However buying in IT shares TCS, Infosys and Tech Mahindra and index heavyweight Reliance Industries helped the index pare losses in the afternoon session. The barometer surged 806 points or 0.99% to hit a new record intra-day peak of 81,522.55.

The broader Nifty also pared early losses and climbed 187.85 points or 0.76% to settle at an all-time closing high of 24,800.85. During the day, it zoomed 224.75 points or 0.91% to hit a fresh lifetime high of 24,837.75.

"The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country's leading IT firms in the June quarter, coupled with a weakening rupee," Vinod Nair, Head of Research, Geojit Financial Services, said.

Softening U.S. bond yields on growing hopes of a U.S. Fed rate cut by September also boosted FII flows into Indian equities, analysts said.

Among Sensex shares, Tata Consultancy Services rose the most by 3.33%.