Sensex breaches 79,000 mark as blue-chips surge to new highs.
Key Indian indices rebounded from early losses to hit fresh record levels, with the Sensex crossing 79,000 for the first time.
The BSE index surged 339 points to a new closing peak of 79,013, aided by gains in heavyweight stocks Reliance Industries and ICICI Bank.
Similarly, the Nifty index rose nearly 98 points to an all-time high of 23,966. Among the top performers were UltraTech Cement, JSW Steel, and Kotak Mahindra Bank.
Analysts attributed the momentum to fundamentally strong large-caps in sectors like banking and telecom. Reliance Industries’ participation also bolstered optimism.
While most Asian markets closed in the red, the domestic advance was supported by overnight US gains.
Foreign investors sold shares worth Rs. 3,535 crore. Brent crude eased to $85 a barrel.
Experts said bullish sentiment could fuel the Sensex to 80,000 levels, despite valuation concerns. A healthy trend saw large caps spearhead the upmove on economic recovery.
With positive global cues and continued FII inflows, analysts foresee the bull run sustaining in the near term barring temporary profit booking.
