Sensex crosses the 72,000 mark for the first time, and Nifty is also at a new peak

Mumbai: Domestic benchmark indices Sensex and Nifty on Wednesday jumped one percent to their all-time high amid optimism on the back of the country’s macroeconomic fundamentals and strong trends in global markets. BSE’s 30-share index Sensex crossed the historical level of 72,000 points. Similarly, the NSE index Nifty also closed at a record high of 21,654.75. Heavy buying in metal, commodity, vehicle, and banking sectors played an important role in this. The Sensex showed gains for the fourth consecutive trading session and closed at its all-time high of 72,038.43, jumping 701.63 points or 0.98 percent.

At one point during the day’s trading, it had reached its all-time high of 72,119.85 points with a gain of 783.05 points. National Stock Exchange (NSE) index Nifty rose 213.40 points or one percent to close at a record high of 21,654.75. During the day, Nifty rose 234.4 points to its all-time high of 21,675.75. Vinod Nair, Head of Research, at Geojit Financial Services, said, “The upbeat domestic market hit new highs and easily recovered from last week’s losses. This surge was supported by the expectation of the US Federal Reserve to cut interest rates soon and softening of global inflation.

Among the Sensex companies, UltraTech Cement, JSW Steel, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Infosys, and Bajaj Finserv were the major gainers. On the other hand, a declining trend was seen in the shares of NTPC and Tech Mahindra. In the broader market, BSE Midcap rose 0.41 percent while Smallcap gained 0.20 percent.

The highest rise of 1.33 percent was recorded in metal stocks while 1.33 percent in the vehicle segment, 1.19 percent in commodity, and 0.96 percent in the technology segment were recorded. There was a decline in the utility, electricity, and service sectors. Rahul Sharma, Head of Technical and Derivatives Research), JM Financial Services, said, “After a few days of nervousness last week, the market has returned with some caution. However, there may be some volatility in the futures and options segment as the monthly settlement of deals approaches.

In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite, and Hong Kong’s Hang Seng closed with gains. Most markets in Europe were trading in positive territory. On Tuesday, American markets closed with gains. Meanwhile, international oil benchmark Brent crude fell 0.21 percent to $80.90 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 95.20 crore on Tuesday. In the last trading session, Sensex had gained 229.84 points and closed at 71,336.80 points, while Nifty had gained 91.95 points at 21,441.35 points.

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