Mumbai: In a historic milestone for Indian equity markets, the BSE Sensex crossed the 82,000 mark for the first time ever, while the Nifty50 settled above 25,000. The rally was powered by strong buying in banking, IT and auto stocks coupled with robust foreign portfolio inflows.
Market cap of BSE-listed companies hit an all-time high of ₹415 lakh crore ($5 trillion).
Record-breaking session
The Sensex opened gap-up and touched an intra-day record of 82,134. It finally closed at 82,026, up 1.2% from previous close. The broader Nifty gained 1.3% to end at 25,010. This is the 12th record high in 2024 so far.
What fueled the rally?
- FII inflow: Foreign investors poured in over ₹15,000 crore this week.
- GDP growth: India's Q3 GDP expanded 8.4%, boosting sentiment.
- Global cues: US Fed rate cut hopes and stable crude prices.
- Domestic liquidity: Mutual funds and retail investors continue strong buying.
Sectoral highlights
Banking & Financials
Nifty Bank index jumped 1.8% led by HDFC Bank, ICICI Bank and SBI. Strong credit growth and stable NPAs boosted confidence.
IT stocks
Infosys, TCS and HCL Tech rose 2-3% on weak rupee and deal wins. The Nifty IT index hit a 52-week high.
Auto
Auto stocks gained on strong monthly sales. M&M and Tata Motors were top gainers.
Outlook and strategy
Experts believe the momentum may continue with focus on Q4 earnings and general election outcome. "We are in a structural bull market. Investors should stay invested with a long-term view," said a fund manager.
However, some caution about valuations. The Nifty PE is above 23, higher than historical averages. Profit booking may emerge at higher levels.