Sensex makes landmark breakthrough, surpasses 75,000; Nifty achieves record peak

PTC News Desk: In a significant development, the S&P BSE Sensex breached the 75,000 mark for the first time during early trading hours, soaring to an unprecedented high of 75,124.28 points. The surge in benchmark stock market indices was underpinned by a notable resurgence in information technology (IT) stocks.

Simultaneously, the Nifty50 index also achieved a new pinnacle, reaching a record high of 22,765.30 points in the initial trading session. By approximately 9:47 am, the Sensex registered a gain of 259.27 points, reaching 75,001.77, while the Nifty50 observed an increase of 73.25 points, reaching 22,739.55. Notably, other broader market indices continued their upward momentum from the previous trading day.

The Nifty IT sector emerged as the top gainer among sectoral indices, witnessing a rise of 1.20 per cent. Additionally, major sectoral indices like Nifty Bank and Nifty Financial Services also exhibited positive trading trends. Leading the gainers on the Nifty50 were prominent companies such as Infosys, HCLTech, Apollo Hospitals, Hindalco, and LTIM. Conversely, Eicher Motors, BPCL, L&T, Tata Consumer Products, and Reliance faced downward pressure, acting as the top drags on the index.

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Deven Mehata, a research analyst at Choice Broking, expressed optimism regarding the prevailing positive momentum, suggesting a "buy on dips" strategy. He advised traders with long positions to consider trailing stop loss at 22,500 on a closing basis.

Similarly, Prashanth Tapse from Mehta Equities highlighted the current market landscape, emphasizing the Nifty index's ascent to uncharted heights. He attributed this upward trajectory to various favorable factors, including robust expectations for Q4 corporate earnings in India, promising US economic data, and the alleviation of oil prices.

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(Inputs from agencies)

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