The NSE Nifty crossed the 17,000 mark to hit new all-time highs on Tuesday afternoon, as buying momentum has continued unabated since the previous session. The benchmark S&P BSE Sensex had crossed 57,000 earlier in the morning. At 12:45 PM, the BSE Sensex was trading at 57,064.73, up 287.50 points or 0.49 percent and the Nifty at 17,018.50, up 87 points or 0.52 percent. The broader markets are also trading firms, with the BSE Midcap Index and BSE Smallcap Index gaining 0.7 percent and 0.9 percent each. And all sector indices are trading in the green.
The Nifty has recorded its fastest rally of 1,000 points, climbing from 16,000 to 17,000 in just 19 trading sessions.
As for the economy, the National Statistical Office will release GDP figures for the April-June quarter after market hours. The Reserve Bank said at the end of its MPC meeting on Aug. 6 that it expects GDP to grow 21.4 percent in the June quarter.
On a stock-specific front, Bajaj Finserv, Bharti Airtel and Bajaj Finance gained more than 2 percent on the NSE. Shree Cements, Hindalco and Ultratech Cements were the other major winners at the NSE.
Bharti Airtel rose a day after its founder, chairman Sunil Mittal, said the wireless provider wanted to improve its access to growth capital and reduce its debt leverage. Mr Mittal added that the company will not shy away from raising prices further, but will gradually move towards it.
On the other hand, Tata Motors, Nestle, Mahindra & Mahindra and IndusInd Bank each lost about one percent on the NSE.