Driven by strong performance in steel and auto sectors, the Sensex has surged to an unprecedented 85,000 points. This milestone comes amidst a record-breaking rally in the Indian share market, with the Nifty also nearing the 26,000 mark.
The Sensex has reached 85,000 points for the first time, extending the Indian share market's record run, which has been boosted by steelmakers and automakers. As equity markets reach all-time highs, the Nifty is also approaching 26,000 points. Tata Steel, JSW Steel, and Powergrid outperformed the 30-share Sensex index, while Hindustan Unilever, Infosys, and Bajaj Finance underperformed.
The S&P BSE Sensex was up 80.74 points to 85,009.35, while the NSE Nifty50 added 29.15 points to 25,968.20 as of 10:05 AM.
On the NSE Nifty 50 index, Hindalco, Dr. Reddy's Laboratories, Hero Motor Corp, Tata Motors, and Asian Paints were among the top gainers. Meanwhile, Maruti Suzuki India, Bajaj Auto, Infosys, Hindustan Unilever, and Bajaj Finance were among the laggards.
Only four days ago, the Sensex reached 84,000, and on September 12, it hit 83,000. The 82,000 mark was reached on August 1, followed by 81,000 on July 18. The record run from 80,000 to 85,000 points occurred in less than 12 weeks.
The rupee witnessed range-bound trade in the morning session on Tuesday and depreciated 3 paise to 83.57 against the US dollar, amid a muted trend in domestic equities and rising crude oil prices.
With the Sensex and Nifty nearing significant milestones of 85,000 and 26,000 respectively, the momentum in Asian and European indices will be crucial in determining the continuation of the rally in domestic markets. Asian shares advanced Tuesday, with Chinese markets logging the biggest gains after the central bank announced a slew of measures to support the economy.