The market capitalization of BSE-listed firms hit a lifetime high of Rs 4,38,41,960.73 crore (USD 5.25 trillion), with investors’ wealth increasing by Rs 3.93 lakh crore in just four sessions. Noteworthy, it took the BSE benchmark merely two sessions to move from the 78,000 level achieved on June 25 to surpass the 79,000 mark by June 27
Mumbai: Buoyed by strong buying once again, Sensex and Nifty surpassed the 79,000 and 24,000 levels, respectively, for the first time on Thursday.
Sensex gained 568 points to close at 79,243 while Nifty reached 24,044, after gaining 175 points – ending at an all-time high. It made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness.
The market capitalisation of BSE-listed firms soared to an all-time high of Rs 438.41 lakh crore on Thursday, driven by an unprecedented rally in equities as the Sensex breached the historic 79,000 mark for the first time.
Rallying for the fourth consecutive day, the 30-share BSE Sensex surged by 568.93 points or 0.72 per cent to close at a new peak of 79,243.18.
During intraday trading, it rocketed 721.78 points or 0.91 per cent, reaching a new lifetime high of 79,396.03. In just four trading days, the BSE benchmark jumped 2,033.28 points or 2.63 per cent.
The market capitalization of BSE-listed firms hit a lifetime high of Rs 4,38,41,960.73 crore (USD 5.25 trillion), with investors’ wealth increasing by Rs 3.93 lakh crore in just four sessions. Noteworthy, it took the BSE benchmark merely two sessions to move from the 78,000 level achieved on June 25 to surpass the 79,000 mark by June 27.
UltraTech Cement was among the top gainers, with the stock jumping 5 per cent following its announcement to acquire a 23 per cent stake in India Cements Ltd., estimating the deal at Rs 1,885 crore.
Trivesh D, COO at Tradejini, noted, ‘The Sensex surpassing 79,000 marks a historic milestone reflecting healthy investor confidence and strong fundamentals in key sectors like banking and telecom.’ He added, ‘It took only 23 sessions to climb from 23,000 to 24,000, compared to 88 sessions previously.’ Vinod Nair, Head of Research at Geojit Financial Services, highlighted that ‘the benchmark indices exhibited bullish momentum buoyed by an expected revival in the IT sector and consolidation in the cement industry.’
Among the sectors, heavy buying was seen in the IT, oil and gas and FMCG stocks while, PSU banks, pharma, media and realty sectors ended up being top laggards.
Other major gainers included NTPC, JSW Steel, Tata Motors, Infosys, Tata Consultancy Services, Kotak Mahindra Bank, and Bharti Airtel. Conversely, Larsen & Toubro, Sun Pharma, Nestle, HDFC Bank, Maruti, and State Bank of India were among the laggards.
“The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200,” said Rupak De from LKP Securities.
According to market watchers, the Indices will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to the 80,000 level.
A healthy trend in the market is that now the up move is being led by fundamentally strong large-caps in sectors like banking and telecom.
The BankNifty index experienced volatile moves, trading in a broad range with support at 52,700 and resistance at 53,100.