Nifty Ends Above 25,000 For The First Time As Heavyweights Lead Gains: Market Wrap
Both the indices closed at their highest levels. Sensex closed 0.15% or 126.21 points higher to end at 81867.55 and Nifty added 59.75 points or 0.24% to end at 25010.90.
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India's benchmark equity indices continued their record run for the fourth consecutive session on Thursday, with the Nifty 50 crossing the key psychological level of 25,000 for the first time as sentiments brightened after US Federal Reserve Chair Jerome Powell hinted of a possible rate cut in September.
Both indices closed at their highest levels. Sensex closed 0.15%, or 126.21 points, higher to end at a fresh record high of 81,867.55, and Nifty added 59.75 points, or 0.24%, to end at a fresh lifetime high of 25,010.90. The Nifty hit an intraday high of 25,078.30, and the Sensex hit an intraday high of 82,129.49.
"Reaching the 25,000 mark is a significant milestone for Nifty, reflecting robust economic growth and positive investor sentiment," said Robin Arya, small-case manager and founder at GoalFi.
"However, we remain cautiously bullish as sectors like financial services and IT in the Nifty50 might need more time to reach new highs to further push up the Nifty, and some consolidation is expected at the index level."
"The index has formed a spinning top candlestick pattern that represents indecisiveness, where the downside seems to be protected at 24,930 while the immediate resistance is placed at 25,100," said Aditya Gaggar, director of Progressive Shares.
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Shares of HDFC Bank Ltd., Reliance Industries Ltd., Power Grid Corp. Ltd., Coal India Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Mahindra & Mahindra Ltd., Infosys Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., and State Bank of India dragged the index.
Sectoral indices ended on a mixed note. Nifty Energy rose the most.
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Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap indices closed 0.80% and 0.70% lower, respectively, on Thursday.
On BSE, 13 sectors advanced and seven declined. The S&P BSE Utilities rose the most, and the S&P BSE Realty declined the most.
Market breadth was skewed in favour of sellers. Around 2,367 stocks declined, 1,586 stocks rose, and 95 stocks remained unchanged on BSE.
