Financials power India’s Nifty, Sensex to record closing highs

BENGALURU: India’s blue-chip indexes notched all-time closing highs on Thursday, powered by gains in financial stocks, as the central bank’s record dividend to the government kindled hopes of a reduction in the country’s fiscal deficit.

The blue-chip NSE Nifty 50 gained 1.64% to close at a record 22,967.65. The S&P BSE Sensex also settled 1.61% higher at 75,418.04, an all-time high closing level.

Both the benchmarks posted their best day since March 1 when faster-than-expected economic growth data drove markets to a record high. The blue-chips also gained for the sixth straight session, their longest winning streak since early December.

The Reserve Bank of India approved a record surplus transfer of 2.11 trillion rupees ($25.35 billion) to the government for fiscal year 2024, well above the government’s projection.