Nifty hits new all-time high level; Sensex climbs over 300 points amid buying in blue-chip stocks

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Mumbai: Equity benchmark indices rebounded on Tuesday, with the NSE Nifty hitting its fresh all-time high level during the afternoon trade, amid buying in blue-chip stocks, firm global market trends and foreign fund inflows.

The 30-share BSE Sensex climbed 328.54 points to 80,288.92. The NSE Nifty went up 83.45 points to hit a new record peak of 24,404.

Among the Sensex pack, Maruti Suzuki India jumped over 6 per cent. ITC, Mahindra & Mahindra, Titan, State Bank of India, Larsen & Toubro and Tata Motors were the other big gainers.

Reliance Industries, Kotak Mahindra Bank, JSW Steel and Tech Mahindra were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading higher.

US markets ended mostly higher on Monday.

"The market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations.

"A healthy trend in the market is that fundamentally strong largecaps are seeing buying. The rising accumulation and delivery-based buying in largecaps like RIL and ITC is a reflection of this healthy trend," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth Rs 60.98 crore on Monday, according to exchange data.

Global oil benchmark Brent crude declined 0.03 per cent to USD 85.72 a barrel.

The BSE benchmark Sensex declined 36.22 points or 0.05 per cent to settle at 79,960.38 on Monday. The NSE Nifty dipped 3.30 points or 0.01 per cent to 24,320.55.