Sensex soars 1,359 pts to settle above historic 84,000 mark; banks, auto shares shine in global rally

Mumbai: The benchmark Sensex achieved a milestone by closing above 84,000 for the first time, while Nifty reached a new all-time high on Friday. This was driven by a surge in frontline bank stocks and positive trends in the US and Asian markets. The BSE Sensex, consisting of 30 shares, surged by 1,359.51 points or 1.63 pc  to reach a record high closing of 84,544.31. Throughout the day, it surged by 1,509.66 points or 1.81 pc, reaching the significant intra-day high of 84,694.46.

The NSE Nifty soared by 375.15 points, equivalent to 1.48 percent, ending the day at an all-time high level of 25,790.95. Throughout the day, the gauge surged by 433.45 points or 1.70 percent to hit a record high of 25,849.25 within the same day. Out of the 30 companies listed on the Sensex, Mahindra & Mahindra's stock price increased by more than 5 percent. The other major gainers included JSW Steel, ICICI Bank, Larsen & Toubro, Bharti Airtel, Nestle, Adani Ports, Hindustan Unilever, HDFC Bank, Tech Mahindra, Maruti, Kotak Mahindra Bank, and Tata Steel. The laggards were State Bank of India, IndusInd Bank, Tata Consultancy Services, and Bajaj Finance.

The Indian market has participated in the rally after the 50bps Fed rate cut and extremely accommodating monetary policy. Vinod Nair, Head of Research at Geojit Financial Services, stated that the economy is predicted to experience positivity and an increase in foreign inflows in the short to medium-term due to the strong global economy. In Seoul, Tokyo, Shanghai, and Hong Kong, the markets closed with gains in Asian trading. European equity markets were trading at lower levels. Thursday saw the US markets closing significantly higher.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned that the Dow and S&P 500 reaching new record highs yesterday shows the power of the current worldwide bullish trend driven by the US market leader. Foreign Institutional Investors (FIIs) sold equities totaling Rs 2,547.53 crore.