New delhi: The Indian stock markets maintained their record-smashing momentum for the fourth consecutive day on Thursday. The benchmark BSE Sensex breached the 81,000 mark for the first time, closing at a new high, while the Nifty 50 also scaled a new peak, reaching 24,800 points. This unprecedented surge was primarily driven by strong buying interest in IT, oil & gas, and FMCG shares.
Sensex and Nifty Achieve New Milestones
Rebounding from early losses, the 30-share BSE Sensex rose by 626.91 points or 0.78 per cent to settle at a fresh closing high of 81,343.46. The index had opened on a weak note and touched a low of 80,390.37 points in early trade. However, a significant rally in IT stocks, including Tata Consultancy Services (TCS), Infosys, and Tech Mahindra, alongside the gains in index heavyweight Reliance Industries, helped the index recover and gain strength as the day progressed.
The Sensex surged 806 points or 0.99 per cent to hit a new record intra-day peak of 81,522.55, underscoring the bullish sentiment prevailing in the market.
Key Drivers of the Market Rally
The IT sector played a pivotal role in driving the market upwards. Shares of TCS, Infosys, and Tech Mahindra witnessed robust buying interest, contributing significantly to the overall market gains. The optimism around these stocks is attributed to strong earnings reports and positive future outlooks. Additionally, Reliance Industries, a major constituent of the Sensex, saw its stock price climb, providing further impetus to the index.
The oil & gas sector also saw substantial gains, with investors showing confidence in the future growth prospects of companies in this sector. FMCG shares added to the positive sentiment, driven by expectations of increased consumer spending and stable demand.
Market Outlook
Analysts suggest that the current market rally is backed by strong fundamentals and positive economic indicators. The robust performance of key sectors, coupled with healthy corporate earnings, has bolstered investor confidence. Furthermore, foreign institutional investors (FIIs) have continued to invest heavily in Indian equities, contributing to the market’s upward trajectory.
However, experts also caution that the markets may experience intermittent corrections given the high levels. Investors are advised to remain cautious and focus on fundamentally strong stocks.
The record-breaking performance of the Sensex and Nifty reflects the resilient nature of the Indian economy and the optimism among investors. As the markets continue to scale new heights, all eyes will be on the upcoming corporate earnings season and economic data releases to gauge the sustainability of this rally.
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