Sensex Breaches 79,000 Level, Nifty Crosses 24,000 For 1st Time Ever

Benchmark Sensex breached the historic 79,000 mark while Nifty scaled the 24,000 peak for the first time on Thursday as buying in blue-chip stocks like Infosys, Reliance and TCS helped markets extend gains to the fourth straight day and close at lifetime high levels.

The 30-share BSE Sensex jumped 568.93 points or 0.72 per cent to settle at a new closing peak of 79,243.18 amid the expiry of monthly contracts in the derivatives segment. During the day, it zoomed 721.78 points or 0.91 per cent to hit the new lifetime peak of 79,396.03.

The Nifty ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74 per cent. Intra-day, it soared 218.65 points or 0.91 per cent to hit the all-time peak of 24,087.45.

Among the 30 Sensex companies, UltraTech Cement jumped over 5 per cent after the country's leading cement maker said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd, in a deal estimated to be around Rs 1,885 crore.

Gains in Infosys, TCS and Reliance Industries drove the benchmark indices to record-high levels.

"The benchmark indices exhibited bullish momentum, buoyed by expected revival in the IT sector and consolidation in the cement industry. However, the broader market remained sideways due to valuation concerns and FII selling owing to rising US bond yields," Vinod Nair, Head of Research, Geojit Financial Services, said.

NTPC, JSW Steel, Tata Motors, Bharti Airtel, Power Grid, Kotak Mahindra Bank and Tech Mahindra were also among the major gainers.

Larsen & Toubro, Sun Pharma, Nestle, HDFC Bank and Maruti were among the laggard.

"The markets traded positively for the fourth consecutive session, gaining over half a per cent, continuing the current uptrend. After a flat start, the Nifty edged higher amid volatility and crossed the new milestone of 24,000. Most sectors aligned with this movement, with IT and energy among the top gainers," said Ajit Mishra – SVP, Research, Religare Broking Ltd.

In the broader market, the BSE midcap gauge climbed 0.17 per cent while smallcap index declined 0.57 per cent.

Among the indices, power jumped 1.74 per cent, IT rallied 1.65 per cent, while teck (1.59 per cent), utilities (1.29 per cent), telecommunication (1.18 per cent), commodities (0.82 per cent) and auto (0.70 per cent) also advanced.

Financial Services, industrials, realty and capital goods were the laggards.

The Nifty hit the 23,000 mark on May 24 this year. The BSE Sensex had breached the 78,000 level on June 25.

Analysts said most sectors recorded gains, with IT and energy among the top gainers. Broader indices showed mixed results as midcap index closed in the green while smallcap index lost over half a per cent.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note. 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 climbed 0.84 per cent to USD 85.97 a barrel.

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

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)