Sensex Hits 79,000 for the First Time, and Nifty Achieves a New All-Time High
After declining in early trade, the 30-share BSE Sensex rebounded 339.51 points to reach its new lifetime top of 79,013.76, aided by purchases of blue-chip stocks like ICICI Bank and Reliance Industries.
New Delhi: Benchmark indices recovered on Thursday after initially declining, as purchasing in blue-chip companies caused the Sensex to cross the 79,000 mark for the first time and the Nifty to achieve a new all-time high.
After declining in early trade, the 30-share BSE Sensex rebounded 339.51 points to reach its new lifetime top of 79,013.76, aided by purchases of blue-chip stocks like ICICI Bank and Reliance Industries.
Along with the Nifty, it recovered, rising 97.6 points to reach a new all-time high of 23,966.40.
The top gainers among the 30 Sensex businesses were Tata Steel, Axis Bank, ICICI Bank, JSW Steel, Reliance Industries, Bajaj Finance, and UltraTech Cement.
Maruti, Tech Mahindra, HCL Technologies and Larsen & Toubro were the biggest laggards.
Despite the concerns over value, the market is expected to stay bullish in the foreseeable future, and the sustained momentum might push the Sensex towards 80,000 levels.
The fact that largecaps in industries like banking and telecom that have solid fundamentals are now driving the market's upward trend is a positive development. The bull market is still strong since RIL, which had not joined the rise until yesterday, is now on board, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Hong Kong, Shanghai, Tokyo, Seoul, and other Asian markets were trading at lower prices.
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