Sensex, Nifty scale fresh record highs as bulls on charge

Mumbai: 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.

“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,” said Vinod Nair, Head (Research), Geojit Financial Services.

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

“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,SrV-P (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.