On Thursday, Indian benchmark indices made a strong comeback after an initial dip, with the Sensex surpassing the 79,000 marks for the first time and the Nifty setting a new record high. The surge was driven by robust buying in blue-chip stocks such as Reliance Industries and ICICI Bank, leading to significant gains.
The 30-share BSE Sensex surged by 339.51 points, reaching an unprecedented peak of 79,013.76. This historic milestone was achieved despite early losses, thanks to strong performance in key blue-chip stocks. Similarly, the Nifty index rebounded, climbing 97.6 points to achieve a fresh all-time high of 23,966.40.
Among the top gainers on the Sensex were UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel. In contrast, Maruti Suzuki, Tech Mahindra, HCL Technologies, and Larsen & Toubro emerged as the biggest laggards.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, “The market is expected to maintain its bullish trend in the near term, despite some concerns over valuations. The ongoing momentum could potentially drive the Sensex to the 80,000 level. It is encouraging to see that the uptrend is now being led by fundamentally strong large-cap stocks in sectors like banking and telecom. With Reliance Industries joining the rally, which had not participated until now, the market’s strength appears poised to continue.”
Key Highlights:
Historic Highs: The Sensex touched an all-time high of 79,013.76, while the Nifty reached 23,966.40.
Major Gainers: Key contributors to the rally included UltraTech Cement, JSW Steel, and Reliance Industries.
Market Outlook: Analysts predict continued bullishness, with potential for the Sensex to reach 80,000.
Sector Strength: The rally was notably driven by large-cap stocks in banking and telecom sectors. Despite the positive momentum in the Indian markets, major Asian markets such as Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. Conversely, US markets closed positively on Wednesday, providing some supportive cues for global market sentiment.
Foreign Institutional Investors (FIIs) sold off equities worth ₹3,535.43 crore on Wednesday, according to data from the exchanges. This indicates some caution among global investors despite the positive momentum in Indian markets.
Commodity and Market Summary:
The global oil benchmark Brent crude saw a slight decline of 0.21%, settling at USD 85.07 per barrel. On Wednesday, the BSE Sensex rose by 620.73 points or 0.80% to close at a new peak of 78,674.25. The Nifty also advanced by 147.50 points or 0.62% to a record closing high of 23,868.80. The positive trends in the Indian markets reflect a growing confidence among investors, bolstered by strong performances in key sectors and optimism about continued economic recovery. With blue-chip stocks leading the charge, the market outlook remains positive, setting the stage for further milestones in the coming days.
(With inputs from agencies)
