Sensex Soars to Historic Heights, Breaches 79,000-Mark

Benchmark indices surged on Thursday as the Sensex breached the historic 79,000-mark and the Nifty hit a new all-time high of 24,000. Blue-chip stocks, particularly Reliance Industries, led the rally. Despite valuation concerns, analysts predict a bullish trend in the near term.

In a remarkable turn of events, benchmark indices witnessed a significant rally on Thursday, with the Sensex breaking the unprecedented 79,000-mark and the Nifty climbing to a new record of 24,000 for the first time. This surge was primarily driven by robust buying in blue-chip stocks, notably Reliance Industries.

The 30-share BSE Sensex soared 512.68 points, establishing a new lifetime peak at 79,186.93, recovering from an initial dip. Meanwhile, the Nifty gained 146.45 points to reach its fresh all-time high of 24,015.25. Key performers among Sensex companies included UltraTech Cement, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services, and Reliance Industries. However, Larsen & Toubro, Maruti, Adani Ports, and Mahindra & Mahindra lagged behind.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked that the market is poised to remain bullish despite valuation concerns. He noted the promising trend of the rally being supported by fundamentally strong large-cap stocks in sectors such as banking and telecom. With Reliance Industries joining the bull run, the rally is expected to sustain its momentum. In contrast, Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong were trading lower, while US markets closed on a positive note on Wednesday.

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