Mumbai: In a pleasing development for the country's economy, Indian benchmark indices Nifty and Sensex reached new record highs, with the Sensex surpassing 80,000 for the first time, driven by gains in banking and FMCG stocks.
The Sensex was at 80,013.77, up 572.32 points or 0.72 percent at the time of this report. The Nifty opened at 24,291.75, up 168 points or 0.70 percent. Bank Nifty saw an increase of 704 points or 1.35 percent, opening at 52,872.30, while the Nifty Midcap opened at 56,149.90, up 295.20 points or 0.53 percent.
Meanwhile, on the National Stock Exchange (NSE), sectoral indices such as Auto, Financial Services, FMCG, Media, Pharma, PSU Bank, Private Bank, Realty, Healthcare, Consumer Durables, Oil and Gas, and Nifty Midsmall Healthcare opened in the green with only IT stocks trading in red in the initial hours.
HDFC Bank, Britannia, HDFC Life, Tata Consumer, and Kotak Bank were the top gainers on NSE. TCS, Sun Pharma, UltraTech Cement, and Tech Mahindra were among the initial losers.
Ajay Bagga, a market and banking expert while reacting to the new record highs said, "Higher global markets are setting up a positive open for Indian markets today. Fed Chairperson Powell's comments boosted US markets with a rate cut in September and December being factored in, even though Powell did not allude to any imminent rate cut. US Treasury yields dropped as well. Positive Asian markets this morning are continuing the advance led by the US markets in Tuesday trading."
"Overall, it looks like a positive day for Indian markets. IT stocks are rerating in anticipation of a bottom in sentiment towards the sector and in expectation of better management guidance this result season. Financials, especially NBFCs and PSU banks, were a drag in yesterday's trading. Leadership is now moving to leading private sector banks,"he added.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the latest Fedspeak on US inflation is also positive news for equity markets globally. “Responding to the inflation print of 2.6 percent with zero month-on-month increase, Fed chief Powell yesteredy (Tuesday) made a dovish remark that the US is on a disinflationary path. The Fed's next rate action is likely to be a rate cut. RBI is also likely to follow suit with a rate cut in the next policy meeting," Vijayakumar said.
The Nifty 50 index hit a fresh high on Wednesday, indicating an upward trend. It is believed that the intraday move over 24,300 could spark a sharp rise to 24,400. The broader outlook remains positive, with the index aiming for the 24,500 level.
Avdhut Bagkar, Derivatives and Technical Analyst at StoxBox said that the trend remains upward as long as the rising trend line on the daily chart supports the bullish trend.
On Tuesday, domestic equity indices ended with minor losses due to profit booking at record highs reached during the session. The Sensex declined by 34.74 points to close at 79,441.45, while the Nifty 50 decreased by 18.10 points or 0.07 percent, settling at 24,123.85. Despite this, the overall trend for Nifty remains positive, with further consolidation or minor dips seen as potential buying opportunities, following a bullish pattern of higher tops and bottoms.
BSE Sensex Milestones—Timeline
- January 1, 1986;Sensex launch by BSE with a base price of 100 (base year 1978-79)
- July 25, 1990;Touches four-digit figure for the first time; closes at 1,001 in wake of a good monsoon and excellent corporate results and also backed by the boom in the technology sector.
- October 11, 1999;Crosses the 5,000-mark as the BJP-led coalition won majority in the Lok Sabha election
- August, 2005;BSE becomes a corporate entity and offers shares to its members
- February 7, 2006;Closes above the 10,000-mark for first time ever : Owing to a sharp run in commodity pricing, Sensex touched the 10,000 mark in 2006.
- December 11, 2007;Closes above the 20,000-mark : On the back of the rise in investments from foreign institutional investors and aggressive retail buying, Sensex touched the 20,000 level for the first time in 2007.
- May 16, 2014;Surpasses 25,000-mark as Narendra Modi-led BJP wins the 13th Lok Sabha election
- March 4, 2015;Breaches 30,000-mark after the RBI cut policy repo rates : Sensex spurred to 30,000 backed by global liquidity provided by central banks of major economies.
- January 17, 2018;Settles above 35,000-mark for first time ever
- 23 January 2018;Sensex touched record high of 36,000 on the back of IMF’s prediction about India’s growth, which boosted the investor sentiment.
- 09th August 2018 ;Sensex crossed the 38,000 on account of India’s economic growth expectations.
- May 23, 2019;Breaches 40,000-mark as BJP retains power
- December 4, 2020;Sensex crosses 45,000-mark on hopes of economic recovery amid slump caused by Covid-19
- January 21, 2021;Sensex breaches 50,000-mark
- Sept 24, 2021;Sensex breaches 60,000 Mark
- 03rd July, 2023;Sensex Breaches 65,000 Mark
- 11th Dec 2023;Sensex Breaches 70,000 Mark
Sensex Journey To Reach The Milestones—Days Took To Reach Points
- 1000;July 25, 1990; 1667 Days; 900 Points
- 5000;October 08, 1999;3362 Days;4000 Points
- 10000;February 06, 2006;2310 Days;5000 Points
- 20000;October 29, 2007;635 Days;10000 Points
- 30000;March 04, 2015;2684 Days;10000 Points
- 40000;23-May-2019;1542 Days;10000 Points
- 50000;21st Jan 2021;610 Days;10000 Points
- 60000;24th Sept, 2021;247 Days;10000 Points
- 70000;11th Dec 2023;809 Days;10000 Points
- 80000;03rd July, 2024;205 Days;10000 Points
Sensex over the years A brief history
- 1875;318 members form Native Share & Stock-Brokers Association forerunner to BSE
- 1956;Bombay Stock Exchange (BSE) recognised as the first stock exchange in India; Securities Contracts (Regulation) Act passed.
- 1977;Reliance Industries IPO launch; RIL has been the biggest gainer ever since
- January 1986;Launch of 30-scrip free-float BSE index
- 1990;Over the Counter Exchange of India (OTCEI) came into being as the first electronic exchange
- April 1992;BSE falls 12.77% due to the Harshad Mehta scam
- 1993;Infosys makes market debut; provides major thrust to IT sector stocks
- 1994;NSE becomes operational (wholesale debt and equity markets go live)
- 1995;BSE introduces BOLT (online trading) system replacing the famous open outcry
- 1996;National Securities Depository Ltd (NSDL) set up for handling trading and settlement of shares in dematerialised form
- May 17, 2004;Sensex falls 15.52% as Congress win Lok Sabha elections
- January 21, 2008;Black Monday: BSE falls by 1408 points to 17605 leading to one of the largest erosions in investor wealth
- November 9, 2016;Demonetisation of currency: Sensex crashes 1689 points due to frantic stock selling
- February 28, 2020;Sensex loses 1448 points as Covid-19 cases surge
- March 23, 2020;Government announces nationwide lockdown to control the spread of Covid. Sensex slumps 3935 points (13.15%)
- January 21, 2021;Sensex breaches 50,000-mark
- September 24.2021;Sensex breaches 60K Mark
- 11th Dec, 2023;Sensex Breaches 70,000 Mark
- 03rd July, 2024;Sensex Breaches 80,000 Mark
Sensex in Numbers
- 0-1000;July 25, 1990
- 1000-2000;January 15, 1992
- 2000-3000;February 29, 1992
- 3000-4000;March 30, 1992
- 4000-5000;October 08, 1999
- 5000-6000;February 11, 2000
- 6000-7000;June 20, 2005
- 7000-8000;September 8, 2005
- 8000-9000;November 28, 2005
- 9000-10000;February 06, 2006
- 10000-11000;March 21, 2006
- 11000-12000;April 20, 2006
- 12000-13000;October 30, 2006
- 13000-14000;December 05, 2006
- 14000-15000;July 06, 2007
- 15000-16000;September 19, 2007
- 16000-17000;September 26, 2007
- 17000-18000;October 9, 2007
- 18000-19000;October 15, 2007
- 19000-20000;October 29, 2007
- 20000 – 21000;January 08, 2008
- 21000-22000;March 10, 2014
- 22000-23000;March 19, 2014
- 23000-24000;May 13, 2014
- 24000-25000;May 16, 2014
- 25000-26000;July 07, 2014
- 26000-27000;Sep 02, 2014
- 27000-28000;Nov 05, 2014
- 28000-29000;Jan 22, 2015
- 29000-30000;March 04, 2015
- 30000-31000;26 May 2017
- 31000-32000;13 July 2017
- 32000-33000;25 Oct 2017
- 33000-34000;05 Jan 2018
- 34000-35000;17 Jan 2018
- 35000-36000;23 Jan 2018
- 36000-37000;26 July 2018
- 37000-38000;09 Aug 2018
- 38000-39000;08 Apr 2019
- 39000- 40000;23 May 2019
- 40000-41000;26 Nov 2019
- 41000-42000;16th Jan 2020
- 42000-43000;10 Nov 2020
- 43000-44000;17 Nov 2020
- 44000-45000;04 Dec 2020
- 45000-46000;09 Dec 2020
- 46000-47000;18th Dec 2020
- 47000-48000;04th Jan 2021
- 48000-49000;11th Jan 2021
- 49000-50000;21st Jan 2021
- 50000-51000;05th Feb 2021
- 51000-52000;15th Feb 2021
- 52000-53000;22nd Jun 2021
- 53000-54000;04th Aug, 2021
- 54000-55000;13th Aug 2021
- 55000-56000;18th Aug 2021
- 56000-57000;31st Aug, 2021
- 57000-58000;03rd Sept 2021
- 58000-59000;16th Sept, 2021
- 59000-60000;24th Sept, 2021
- 60000-61000;14th Oct., 2021
- 61000-62000;19th Oct, 2021
- 62000-63000;30th Nov, 2022
- 63000-64000;28th Jun, 2023
- 64000-65000;03rd July, 2023
- 65000-66000;13th July 2023
- 66000-67000;18th July, 2023
- 67000-68000;04th Dec, 2023
- 68000-69000;05th Dec 2023
- 69000-70000;11th Dec 2023
- 70000-71000;15th Dec 2023
- 71000-72000;27th Dec, 2023
- 72000-73000;15th Jan, 2024
- 73000-74000;06th Mar, 2024
- 74000-75000;09th Apr, 2024
- 75000-76000;27th May, 2024
- 76000-77000;10th Jun, 2024
- 77000-78000;25th Jun 2024
- 78000-79000;27th Jun, 2024
- 79000-80000;03rd Jul, 2024
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