The Indian benchmark indices staged a remarkable rebound on Thursday, with the Sensex breaching the historic 79,000-mark for the first time and the Nifty hitting a fresh all-time high amidst strong buying in blue-chip stocks.
The 30-share BSE Sensex surged 339.51 points to reach its new lifetime peak of 79,013.76, overcoming early losses, driven by robust gains in heavyweight stocks like Reliance Industries and ICICI Bank.
Meanwhile, the Nifty also witnessed a significant uptick, rising 97.6 points to touch its fresh record high of 23,966.40.
Leading the gains among the Sensex constituents 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 faced selling pressure, emerging as the top laggards.
Commenting on the market trend, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked, “The market is expected to remain bullish in the near-term despite valuation concerns. The ongoing momentum, particularly led by strong largecaps in sectors like banking and telecom, suggests potential for the Sensex to scale towards 80,000 levels.”
In global markets, Seoul, Tokyo, Shanghai, and Hong Kong reported lower trading, while US markets closed positively on Wednesday.
Foreign Institutional Investors (FIIs) reportedly sold equities worth ₹3,535.43 crore on Wednesday, based on exchange data. Meanwhile, global oil benchmark Brent crude saw a marginal decline of 0.21 per cent, settling at USD 85.07 per barrel.
On Wednesday, the BSE Sensex had surged 620.73 points or 0.80 per cent to close at a new peak of 78,674.25, while the Nifty rose by 147.50 points or 0.62 per cent to end at a record closing high of 23,868.80.
