India's financial markets saw a historic day as the BSE Sensex surged past 80,000 for the first time, reaching a peak of 80,039, up 598 points. The NIFTY also hit a record high of 24,292. Banking stocks led the rally, while IT stocks faced losses. Market breadth was positive with 2,208 stocks advancing on the BSE.
Today marked a historic milestone for India's financial markets as the BSE Sensex surged past the 80,000 mark for the first time, buoyed by a strong rally in banking stocks. The Sensex achieved a new peak of 80,039, gaining 598 points from its previous close of 79,441. Similarly, the NIFTY also set a new record, reaching 24,292 in early trading.
The bullish trend extended across the broader market with the Nifty Bank index leading the charge, soaring 1.82% to 53,115 points. Banking giants HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance emerged as the top gainers on the Sensex.
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Conversely, IT stocks faced downward pressure, with heavyweights like TCS, Infosys, and Tech Mahindra registering losses. The BSE IT index dipped by 102 points to 37,939 amidst broader sectoral gains in banking, consumer durables, and capital goods.
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The market breadth remained positive, with 2,208 stocks advancing against 840 declining ones on the BSE. This surge in the equity indices comes after the Nifty closed marginally lower at 24,123.85, while the Sensex ended at 79,441.46 in the previous session.
Analysts are optimistic about further upside potential, with Deven Mehata, a Research Analyst at Choice Broking, noting key support levels for the Nifty at 24,100, followed by 24,000 and 23,950, and resistance levels at 24,250, 24,300, and 24,400.