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Sensex Surpasses Historic 79,000 Mark; Nifty Sets New Record High

Image Source: indiatoday.in

Benchmark indices rebounded after an early fall on Thursday, with the Sensex surpassing the historic 79,000-mark for the first time and the Nifty reaching a new record high, driven by buying in blue-chip stocks.

The 30-share BSE Sensex surged 339.51 points to a new lifetime peak of 79,013.76, buoyed by gains in blue-chip stocks like Reliance Industries and ICICI Bank. Similarly, the Nifty rose 97.6 points to a fresh all-time high of 23,966.40.

Among the 30 Sensex companies, the biggest gainers were UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel. On the other hand, Maruti, Tech Mahindra, HCL Technologies, and Larsen & Toubro were the biggest laggards.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented, “The market will remain bullish in the near term despite 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 the up move is now 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.”

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. Meanwhile, US markets closed in positive territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,535.43 crore on Wednesday, according to exchange data. Global oil benchmark Brent crude declined by 0.21 percent to USD 85.07 a barrel.

On Wednesday, the BSE benchmark Sensex climbed 620.73 points, or 0.80 percent, to settle at a new closing peak of 78,674.25. The Nifty increased by 147.50 points, or 0.62 percent, to settle at a record closing peak of 23,868.80.

The substantial gains in the Sensex and Nifty underscore the market’s resilience and investor confidence despite early volatility. The strong performance of blue-chip stocks, particularly in the banking and telecom sectors, has been a key driver of this upward momentum. As global markets show mixed trends, the Indian market’s bullish trajectory, supported by significant investments in large-cap stocks, reflects a robust outlook. The involvement of major players like Reliance Industries further bolsters market confidence, suggesting a continued rally in the near term despite potential valuation concerns.

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