New Delhi, May 6 -- The stock market hit its highest closing level of the year on 5 May, helped by strong foreign investments and a boost in confidence owing to falling crude oil prices.

Investor optimism has remained solid, with benchmark indices recording gains in 12 of the past 16 sessions. Both Sensex and Nifty 50 have climbed over 10% during this period, driven by strong foreign buying.

Most sectors, especially auto, energy FMCG, and metal, witnessed gains, while banking and financials lagged behind. The Sensex closed 295 points (0.4%) higher at 80,797, while the Nifty 50 advanced 114.45 points (0.47%) to 24,461. The BSE Midcap index jumped 1.45%, and the BSE Smallcap index rose 1.23%.

Nippon Life India Asset Management Ltd (Cmp: ...