Sensex rallies 600 points, Nifty50 hits record high

MUMBAI: The NSE nifty rallied to an all-time high level on Tuesday’s opening trade while the sensex rallied over 2% (or 600 points) as Dalal Street went into a buying spree on the back of a strong victory for Prime Minister Narendra Modi-led BJP in the recently concluded state polls. The nifty opened at 9,092, up 157 points from its Friday close while sensex opened at 29,437, 490 points higher. In early trades nifty hit a new all-time peak at 9,123.Soon after the state poll results were out on Saturday morning, market players had said that the stock market was poised for a big gain on Tuesday and the nifty was set for a new high. In the unofficial Bhuj market for stocks, in Gujarat, nifty was trading 200 points higher on Saturday, which also indicated a strong market opening in the shortened trading week.All the 30 sensex stocks on the BSE were trading higher with banking and financial services stocks leading. The top gainers were ICICI Bank, up 4.5%, HDFC, up 3.2% and L&T, up 2.5%.BSE’s market capitalization also hit a new record high at Rs 118.9 lakh crore.At 0940 IST, nifty was up 138 points at 9,069 while sensex was up 460 points at 29,406.