On Thursday, the Indian equity indices experienced a mixed trading session, ultimately closing with marginal gains.
The Sensex and Nifty achieved new all-time highs, with the Sensex reaching 80,392 and the Nifty touching 24,401.
However, these higher levels could not be sustained as the day progressed.
At the close, the Sensex had risen by 62 points, or 0.08 percent, settling at 80,049. The Nifty ended the day at 24,302, up 15 points, or 0.06 percent.
This marks a historic milestone as the Sensex closed above the 80,000 mark for the first time.
Midcap and smallcap stocks outperformed the broader market.
The Nifty midcap 100 index concluded the session at 56,618, up 325 points, or 0.58 percent. The Nifty smallcap 100 index closed at 18,792, up 92 points, or 0.49 percent.
Among the top gainers were Tata Motors, HCL Tech, ICICI Bank, Sun Pharma, TCS, Infosys, Kotak Mahindra Bank, and Mahindra & Mahindra.
Conversely, HDFC Bank, Bajaj Finance, Wipro, Tech Mahindra, and L&T were the top losers.
Sector-wise, the Auto, IT, Pharma, Realty, and PSE indices were major gainers. On the other hand, the Service and FMCG sectors lagged behind.
Expert Insights:
Market experts attribute the buoyant performance to increased government spending and signs of improvement in corporate earnings, which are supporting the market’s premium valuation.
The return of Foreign Institutional Investors (FIIs) to the domestic market and the anticipation of a rate cut in September are also bolstering market sentiment.
Despite the volatility, the Indian equity market showed resilience, with the Sensex making history by closing above 80,000.
As the market navigates through fluctuating trends, the support from government spending, corporate earnings, and FII inflows will be crucial in maintaining positive momentum in the coming weeks.
Also Read: India Ranked Among Top Three Most Optimistic Nations In Global Survey
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