Sensex scales Mount 80,000

Markets edged higher, gaining over half a per cent, driven by favourable cues. Upbeat global markets and strength in banking majors led to a strong start, followed by a range-bound movement until the close - Ajit Mishra, Sr V-P (research), Religare Broking Ltd

Mumbai: Benchmark BSE Sensex breached the historic 80,000 level intraday for the first time, while Nifty raced more than 162 points to close at a fresh lifetime high on Wednesday following heavy buying in banking and FMCG shares amid firm global market trends.

The 30-share Sensex hit the historic 80,000 mark for the first time earlier in the day. It surged 632.85 points or 0.79 per cent to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69 per cent over the last close. The BSE Sensex breached the 78,000 level on June 25 and 79,000 for the first time on June 27. The Nifty climbed 162.65 points or 0.67 per cent to end at an all-time high of 24,286.50. During the day, it zoomed 183.4 points or 0.76 per cent to hit a fresh intraday record peak of 24,307.25.

“A broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking centre stage. With the drop in Indian banks’ GNPAs to a 12-year low, the sector is anticipated to outperform in the near term. On the global front, the US Federal Reserve chief’s commentary on inflation cooling down to 2 per cent by the end of CY25 was sentimentally positive. FOMC minutes later in the day might give hints on the start of the rate-cut cycle,” said Vinod Nair, Head (Research), Geojit Financial Services.

As many as 24 Sensex shares closed with gains and six declined. As many as 40 Nifty shares advanced, nine declined and one closed unchanged.