Sensex breaches 79,000 mark, Nifty scales 24,000 peak in record-breaking rally

Mumbai: Benchmark indices surged on Thursday, with the Sensex breaking the historic 79,000-mark and the Nifty reaching the 24,000-level for the first time ever, driven by strong buying in blue-chip stocks.

The 30-share BSE Sensex soared 512.68 points, reaching a new lifetime peak of 79,186.93 after an initial dip in early trade, buoyed by significant buying in Reliance Industries. Concurrently, the Nifty rebounded, climbing 146.45 points to achieve its fresh all-time high of 24,015.25.

Key gainers among the 30 Sensex companies included UltraTech Cement, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services, and Reliance Industries. Conversely, Larsen & Toubro, Maruti, Adani Ports, and Mahindra & Mahindra were among the laggards.

“The market will remain bullish in the near-term despite valuation concerns. The ongoing momentum has the potential to propel the Sensex to 80,000 levels. A positive trend is that the up move is now being led by fundamentally strong large-caps in sectors like banking and telecom. With Reliance Industries, which had not participated in the rally until yesterday, now 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. Meanwhile, US markets ended in positive territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,535.43 crore on Wednesday, according to exchange data. Global oil benchmark Brent crude declined by 0.20 per cent to $85.08 a barrel.

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