Stock Market Updates: Amid a record breaking rally in the benchmark indices, the BSE Sensex topped the 79,000-mark for the first time on Thursday, touching an all-time high of 79,396. The NSE Nifty50, on the other hand, crossed the 24,000 level, hitting a new record high of 24,087. Today was the expiry of the June F&O series, which the 50-stock index closed with little over 7-per cent rally.
This was the second fastest 1000-point rally in the NSE benchmark which it completed in just 23 sessions.
The Sensex, and Nifty indices, eventually, settled at 79,243, up 569 points or 0.72 per cent, and at 24,045, up 176 points or 0.74 per cent, respectively.
UltraTech Cement, JSW Steel, NTPC, TCS, Infosys, Tech M, Infosys, Kotak Bank, Reliance Industries, Power Grid, Tata Motors, and HUL were the top gainers on the frontline indices, rising up to 5 per cent.
The momentum in the broader markets, however, remained tmixed amid the Quant Mutual Fund fiasco. The BSE MidCap index rose 0.17 per cent, while the BSE SmallCap dropped 0.57 per cent.
Among sectors, the Nifty IT index added 2 per cent, while the Nifty PSU Bank index fell 0.9 per cent.
Nifty Has Reached 24k Milestone
Vishnu Kant Upadhyay, Assistant Vice President – Research and Advisory at Master Capital Services Ltd., said: “The domestic stock market surged on Thursday for the fourth consecutive day, buoyed by robust buying in leading blue-chip stocks, propelling the Nifty index above the significant 24,000 mark. Simultaneously, the Sensex reached a new all-time high, breaching the 79,000 level with a remarkable 400-point jump. Increasing buying in index heavyweights, political stability, and FIIs return into the domestic market emerged as key factors to market ascent.”
Market View| V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80000 levels. A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps 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. But the rise in U.S. bond yield might perhaps trigger some large FII selling in the coming days putting brakes on the rally. So long as the massive domestic liquidity support to the market continues there are no no potential triggers that can cause a sharp correction in the market. PSU banks look attractive from the valuation perspective, and therefore, they have the potential to react positively to good Q1 results.
Global Cues
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
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 0.21 per cent to USD 85.07 a barrel.
Markets On Bull Run
The BSE benchmark Sensex climbed 620.73 points or 0.80 per cent to settle at a new closing peak of 78,674.25 on Wednesday. During the day, it rallied 705.88 points or 0.90 per cent to hit a fresh all-time high of 78,759.40.
The Nifty went up by 147.50 points or 0.62 per cent to settle at a record closing peak of 23,868.80. Intra-day, it surged 168.6 points or 0.71 per cent to hit a fresh lifetime high of 23,889.90.
In the past three days of the rally, investors’ wealth has risen by Rs 2.53 lakh crore.
