Sensex soars above 38,000 to a record high

The benchmark BSE Sensex continued its dizzying climb on Thursday, soaring to a new closing record of 38,024.37 on sustained stock purchases by overseas and domestic institutional investors. The index added 136.81 points or 0.36%.

The 30-company index breached the 38,000-mark for the first time to notch up one of its fastest 1,000 point rallies after closing above 37,000 just 9 sessions earlier, on July 27.

Banking majors ICICI Bank, Axis Bank and the State Bank of India were at the forefront of the Sensex charge, gaining 4.6%, 3.9% and 2.5% respectively, while metals major Vedanta and state-run NTPC and Power Grid Corporation were among the other leading gainers.

While the Sensex pack saw 18 members gaining ground, the overall market breadth still remained mildly weak, with 1,331 stocks advancing against 1,351 declines.

The broader 50-stock Nifty of the National Stock Exchange also settled the day at a new high of 11,470.70, up 20.70 points.

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