BSE's 30-share index Sensex rose 568.93 points or 0.72 percent to close at a new record level of 79,243.18 points.
Stock Market Today: The bullish trend in the local stock market continued for the fourth consecutive trading session on Thursday and the Sensex crossed the 79,000 mark for the first time. At the same time, Nifty also touched the historic peak of 24,000 points for the first time. The market gained momentum due to buying in shares of big companies like Infosys, Reliance and TCS.
BSE's 30-share index Sensex rose 568.93 points or 0.72 percent to close at a new record level of 79,243.18 points. At one point during trading, it had increased by 721.78 points to reach a new all-time high of 79,396.03 points.
National Stock Exchange (NSE) index Nifty closed at a record level of 24,044.50, increasing by 175.70 points or 0.74 percent. During trading, it rose 218.65 points to its new all-time high of 24,087.45.
The Sensex had crossed the 78,000 mark for the first time this week on June 25. At the same time, Nifty had touched the level of 23,000 points for the first time on May 24 this year.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Standard indices gained on expectations of growth in the information technology sector and strength in the cement sector. However, the broader market remained in a stable range due to valuation concerns and selling by foreign institutional investors (FIIs).
Shares of leading cement producer UltraTech Cement, included in the Sensex group, rose by more than five percent. Earlier, the company had said that it would acquire 23 percent stake in its Chennai-based rival company India Cements Limited for about Rs 1,885 crore.
Apart from Infosys, Reliance and TCS, shares of NTPC, JSW Steel, Tata Motors, Bharti Airtel, Power Grid, Kotak Mahindra Bank and Tech Mahindra were also in gain.
On the other hand, shares of Larsen & Toubro, Sun Pharma, Nestle, HDFC Bank and Maruti were in loss.
Ajit Mishra, Senior Vice President (Research), Religare Broking Limited, said, “Markets remained positive for the fourth consecutive trading session and the bullish trend continued with gains of more than half a percent. After a steady start, Nifty kept rising amid ups and downs and crossed the new mark of 24,000 points.
In the broader market, the BSE Midcap index rose 0.17 percent while the Smallcap index declined 0.57 percent.
In other markets of Asia, South Korea's Kospi, Japan's Nikkei, China's Shanghai Composite and Hong Kong's Hang Seng closed with losses. There was a mixed trend in European markets in afternoon trade. American markets closed with gains on Wednesday. Global oil benchmark Brent crude rose 0.84 percent to $85.97 per barrel.
According to stock market data, foreign institutional investors (FIIs) sold shares worth a net Rs 3,535.43 crore on Wednesday. On Wednesday, BSE Sensex closed 620.73 points higher at 78,674.25 points and NSE Nifty closed 147.5 points higher at 23,868.80 points. (pti)
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