The 30-share BSE Sensex surged by 339.51 points, reaching an unprecedented peak of 79,013.76 after an initial dip in early trading.
On Thursday, benchmark indices made a strong comeback after early losses, with the Sensex surpassing the historic 79,000 mark for the first time and the Nifty hitting a new record high. This remarkable performance was driven by substantial buying in blue-chip stocks.
The 30-share BSE Sensex soared 339.51 points to a new all-time high of 79,013.76, recovering from early trade declines, primarily due to robust buying in blue-chip stocks such as Reliance Industries and ICICI Bank.
The Nifty index also rebounded strongly, gaining 97.6 points to achieve a fresh all-time high of 23,966.40. Among the 30 Sensex companies, UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel emerged as the top gainers. Conversely, Maruti, Tech Mahindra, HCL Technologies, and Larsen & Toubro were the biggest losers.
“The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80,000 levels. A healthy trend in the market is that now the up move is being led by fundamentally strong large caps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday, joining the bull bandwagon, the rally has the strength to continue,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower, while US markets closed in positive territory on Wednesday. According to exchange data, Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,535.43 crore on Wednesday. Additionally, the global oil benchmark Brent crude declined by 0.21% to USD 85.07 a barrel.
On Wednesday, the BSE benchmark Sensex climbed 620.73 points, or 0.80%, to settle at a new closing peak of 78,674.25. The Nifty also saw a significant rise, increasing by 147.50 points, or 0.62%, to settle at a record closing peak of 23,868.80.
In conclusion, the Indian stock market is experiencing a bullish trend, with significant gains in the Sensex and Nifty indices. This positive momentum, led by strong large-cap stocks in sectors such as banking and telecom, is expected to continue, potentially pushing the Sensex to new heights.
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