Mumbai
Indian equity markets saw a strong rally, with the Sensex rising by 666 points to close at 85,836, while the Nifty crossed the 26,000 mark, closing at 26,216. During the day, both indices reached new all-time highs, with Sensex hitting 85,930 and Nifty reaching 26,250.
Top gainers in the Sensex pack included Maruti Suzuki, Tata Motors, Bajaj Finserv, M&M, Tata Steel, JSW Steel, UltraTech Cement, Bajaj Finance, Nestle, Sun Pharma, HUL, SBI, Wipro, Asian Paints, ITC, and IndusInd Bank. Only L&T and NTPC ended the day in the red.
In the broader market, the Nifty Smallcap 100 index fell by 96 points, or 0.50%, closing at 19,261, while the Nifty Midcap 100 index edged up by 4 points to end at 60,469. Sector-wise, Auto, IT, PSU Bank, financial services, pharma, FMCG, metal, and commodity indices were among the top performers, with only the consumer durables index closing lower.
Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty’s breakout from consolidation on the daily chart indicates growing bullish momentum. He suggested that as long as Nifty stays above 26,000, the positive trend is likely to continue.
Market experts also attributed the surge to renewed investor confidence following China’s recent economic stimulus measures and stable US economic data. This optimism has particularly boosted Asian markets. Additionally, expectations of a strong recovery in corporate earnings for the second half of FY25, supported by anticipated government spending, are driving the Indian market to new highs.
