Indian equity benchmarks witnessed a historic rally today, with the Sensex and Nifty soaring to unprecedented levels driven by robust buying in IT stocks.
The BSE Sensex breached the 79,000 mark for the first time, touching an all-time high of 79,240, up 418 points or 0.53 percent from its previous close.
On the other hand, the NSE Nifty crossed the significant 24,000 milestone, climbing to a record peak of 24,036, registering a gain of 135 points or 0.53 percent.
Market analysts highlighted that strong investor sentiment and bullish trends across major sectors, including IT, oil and gas, and FMCG, fueled the surge.
Conversely, sectors like PSU banks, auto, pharma, and media lagged behind during today’s trading session.
Experts expressed optimism about the market’s short-term outlook despite concerns over valuations.
“The ongoing momentum suggests that the Sensex could potentially reach the 80,000 level,” commented market analysts.
They further noted a positive trend where the upsurge is primarily led by fundamentally robust large-cap stocks in sectors like banking and telecom.
Among the top gainers in the Sensex pack were Ultratech Cement, Wipro, JSW Steel, Infosys, Tech Mahindra, NTPC, TCS, and Kotak Mahindra.
Conversely, Larsen & Toubro (L&T), Maruti Suzuki, Sun Pharma, IndusInd Bank, and Bajaj Finance were among the prominent losers for the day.
Market participants are closely watching developments globally and domestically for cues on the sustainability of the current rally amidst fluctuating economic indicators.
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