Sensex Closes At All-Time High Near 80,000 On Financial Sector Run, Nifty At Record 24,286

Stock Market Updates: Continuing its upward trend, the domestic equities market Wednesday again hit fresh record levels in a broad-based rally, boosted by large-caps with financials taking centre stage. The BSE Sensex jumped 545.35 points to settle at all-time high of 79,986.80, while the NSE Nifty rallied 162.65 points to record 24,286.50.

The benchmarks Sensex, and Nifty saw a stellar opening on Wednesday, tracking gains from global markets. In the morning trade, the Sensex crossed the historic 80,000.

Among the 30 shares on the Sensex, 24 scrips were closed in the green jumping up to 2.49 per cent. Adani Ports, Kotak Mahindra Bank, HDFC Bank, Axis Bank and IndusInd Bank were the top gainers on the Sensex. Among the laggards was TCS, which saw the highest fall of 1.27 per cent, followed by Titan (-1.14 per cent), Reliance (-0.86 per cent), Tata Motors (-0.26 per cent) and Asian Paints (-0.03 per cent).

“Moving forward, the trend might remain strong in the near term as long as it stays above 24,000,” said Rupak De, senior technical analyst at LKP Securities, as the NSE Nifty closed above 24,285.

He said that the NSE Nifty might move towards 24,500 on the higher end. However, a fall below 24,000 could lead the index into consolidation.

The financial sector surged on Wednesday in the range of 2.37 per cent and 0.91 per cent.

“With the drop in Indian banks’ GNPAs (gross non-performing assets) to a 12-year low, the financial sector is anticipated to outperform in the near term,” said Vinod Nair, head of research at Geojit Financial Services.

Meanwhile, the Indian rupee fell 4 paise to close at 83.52 (provisional) against US dollar.

Global Cues

On the global factors contributing to the surge in domestic market, Nair said the US Federal Reserve chair’s commentary on inflation cooling down to 2 per cent by the end of CY25 was sentimentally positive. “FOMC minutes later today might give hints on the start of the rate cut cycle.”

On Wednesday, global markets showed a strong move as most markets were in green following remarks by US Federal Reserve Chair Jerome Powell indicating progress in controlling inflation.

Japan’s Nikkei 225 surged 1.26 per cent, while the broader Topix index was also up 0.54 per cent.

European markets were also in green. In France also, the benchmark CAC 40 index jumped more than 1 per cent as anti-National Rally parties attempt to prevent Marine Le Pen’s far-right group from achieving an absolute majority in the final round of legislative voting on Sunday.