Image Source : FILE Sensex breaches 81,000 mark, Nifty scales 24,800 peak on gains in IT, FMCG shares
Stock markets continued their record-smashing run for the fourth straight day on Thursday, with the benchmark BSE Sensex breaching the 81,000 mark for the first time and the NSE Nifty scaling a new peak at 24,800. This surge was driven by robust buying in IT, oil & gas, and FMCG shares.
Sensex reaches new heights
The 30-share BSE Sensex rebounded from early lows to rise by 626.91 points, or 0.78%, settling at a fresh closing high of 81,343.46. After opening weak and hitting a low of 80,390.37, strong performances by IT giants such as TCS, Infosys, and Tech Mahindra, alongside index heavyweight Reliance Industries, helped the index recover. The Sensex surged 806 points, or 0.99%, to hit a new intra-day peak of 81,522.55.
Nifty also climbs
The broader NSE Nifty pared early losses and climbed 187.85 points, or 0.76%, to settle at an all-time closing high of 24,800.85. During the day, it zoomed 224.75 points, or 0.91%, to hit a fresh lifetime high of 24,837.75.
IT stocks lead the rally
Vinod Nair, Head of Research at Geojit Financial Services, noted that the indices firmed up in the second half, reaching fresh highs due to renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from leading IT firms in the June quarter, coupled with a weakening rupee. Softening US bond yields on hopes of a US Fed rate cut by September also boosted FII flows into Indian equities.
Top performers and laggards
Among Sensex shares, Tata Consultancy Services rose the most by 3.33%. Infosys gained 1.93% ahead of its June quarter results, later reporting a 7% rise in consolidated net profit to Rs 6,368 crore and raising its growth outlook. Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India, and HCL Technologies were other top gainers. Conversely, Asian Paints, JSW Steel, NTPC, and Adani Ports lagged.
Global market trends
In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended lower. European markets were trading higher, while US markets ended mostly lower on Wednesday. Global oil benchmark Brent crude dipped 0.14% to USD 84.96 a barrel.
FII activity
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,271.45 crore on Tuesday, according to exchange data. Stock markets were closed on Wednesday for Muharram.
Continuous record-breaking streak
Benchmark indices Sensex and Nifty have been on a record-breaking run since Friday, with Nifty advancing nearly 485 points, or 1.98%, and Sensex rising by 1,446 points, or 1.79%, over four sessions.
Also read | Stock markets: Sensex falls over 250 points, Nifty dips 76 points to 24,536 in early trade
