Sensex, Nifty hit new highs; UltraTech and RIL lead the dance
The stock market has hit new heights, with Sensex breaching the 79,000 mark for the first time and Nifty also hitting a new lifetime high. This spike follows an all-time high close in the previous trading session.
However, in Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower.
The Nifty also bounced back, rising 97.6 points to hit its fresh all-time high of 23,966.40.
The 30-share BSE Sensex jumped 339.51 points to hit its new lifetime peak of 79,013.76 after falling in early trade.
Among the 30 Sensex companies, UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, and Tata Steel were the biggest gainers.
Maruti, Tech Mahindra, HCL Technologies, and Larsen & Toubro were the biggest laggards.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80,000 levels.”
He added, “A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday joining the bull bandwagon, the rally has the strength to continue.”
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