Sensex Breaches Historic 79,000-Mark Amid Blue-Chip Rally
The BSE Sensex rebounded after early losses on Thursday, reaching a record high of 79,013.76, driven by strong performances from blue-chip stocks such as Reliance Industries and ICICI Bank. Similarly, the Nifty hit an all-time high of 23,966.40. Experts predict the market may continue to rise in the near term.
- Country:
- India
Benchmark indices staged an impressive comeback on Thursday, with the Sensex breaking the historic 79,000-mark for the first time and the Nifty achieving a new record high, fueled by buying in blue-chip stocks.
The 30-share BSE Sensex surged 339.51 points to reach a lifetime peak of 79,013.76, recovering from early losses due to robust performance by Reliance Industries and ICICI Bank. The Nifty also rebounded, rising 97.6 points to a fresh all-time high of 23,966.40.
Top gainers among the 30 Sensex companies included UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel. Conversely, Maruti, Tech Mahindra, HCL Technologies, and Larsen & Toubro were the major laggards.
''The market looks poised to remain bullish in the near-term despite valuation concerns. The ongoing momentum could propel the Sensex to 80,000. Notably, large-cap stocks with strong fundamentals in sectors like banking and telecom are leading the rise. With Reliance Industries joining the rally, the upward trend seems sustainable,'' 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 positively on Wednesday.
Foreign Institutional Investors (FIIs) sold equities worth Rs 3,535.43 crore on Wednesday, according to exchange data. Meanwhile, global oil benchmark Brent crude decreased by 0.21% to USD 85.07 per barrel.
The BSE benchmark Sensex climbed 620.73 points, or 0.80%, to achieve a new closing peak of 78,674.25 on Wednesday. The Nifty increased by 147.50 points, or 0.62%, to a record closing peak of 23,868.80.
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