Sensex hits historic 80,000-mark, Nifty ends at record high
MUMBAI: Benchmark BSE Sensex breached the historic 80,000 level intraday for the first time while Nifty raced more than 162 points to close at a fresh lifetime high on Wednesday following heavy buying in banking and FMCG shares amid firm global market trends.
The 30-share Sensex hit the historic 80,000 mark for the first time earlier in the day. It surged 632.85 points or 0.79% to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69% over the last close. As many as 24 Sensex shares closed with gains and six declined.
The BSE Sensex breached the 78,000 level on June 25 and 79,000 for the first time on June 27.
The Nifty climbed 162.65 points or 0.67% to end at an alltime high of 24,286.50. During the day, it zoomed 183.4 points or 0.76% to hit a fresh intraday record peak of 24,307.25. As many as 40 Nifty shares advanced, nine declined and one closed unchanged.
Among the Sensex pack, Adani Ports rose the most by 2.49%. Kotak Mahindra Bank, HDFC Bank, ICICI Bank Axis Bank, IndusInd Bank, State Bank of India, Power Grid, JSW Steel, Bajaj Finance and Tata Steel were the biggest gainers.
On the other hand, Tata Consultancy Services, Titan, Reliance Industries, Tata Motors and Larsen & Toubro were the laggards.
“A broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking centre stage. With the drop in Indian banks’ GNPAs to a 12-year low, the sector is anticipated to outperform in the near term,” said Vinod Nair, head of Research, Geojit Financial Services.
On the global front, the US Federal Reserve chief’s commentary on inflation cooling down to 2% by the end of CY25 was sentimentally positive. FOMC minutes later in the day might give hints on the start of the rate-cut cycle, Nair added.
“Markets edged higher, gaining over half a per cent, driven by favourable cues. Upbeat global markets and strength in banking majors led to a strong start, followed by a range-bound movement until the close,” Ajit Mishra–SVP, Research, Religare Broking Ltd, said.
In the broader market, the BSE mid-cap gauge jumped 0.86% and the small-cap index climbed 0.86%.
Among the indices, bankex rallied 1.75%, financial services jumped 1.55%. Telecommunication (1.44$), services (1.18%), industrials (1.09%) and FMCG (0.81%) were also among gainers.
A total of 2,355 stocks advanced while 1,566 declined and 100 remained unchanged.