Record rally, Sensex at 79K, Nifty breaches 24,000-mark

Chandigarh, June 27

The BSE Sensex topped the 79,000-mark for the first time on Thursday, touching 79,396, while NSE Nifty scaled the 24,000 peak, hitting a new record high of 24,087. This was the second fastest 1,000-point rally in the NSE benchmark which it completed in just 23 sessions. Buying in blue chip stocks like Infosys, Reliance and TCS helped markets extend gains for the fourth straight day.

Bullish trend

• Markets continue to rise for fourth straight day
• 568.93-point rally in Sensex, ends at 79,243.18
• 175.70-point rise in Nifty, closes at 24,044.50
• Buying in blue chip stocks led markets to new highs
• Trend bullish despite valuation concerns, say experts

The 30-share Sensex jumped 568.93 points or 0.72 per cent to settle at a new closing peak of 79,243.18 amid the expiry of monthly contracts in the derivatives segment. During the day, it zoomed 721.78 points or 0.91 per cent to hit the lifetime peak of 79,396.03. Nifty ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74 per cent. Intraday, it soared 218.65 points or 0.91 per cent to hit the all-time peak of 24,087.45.

According to traders, the Nifty IT index witnessed a strong rally and advanced 2.03 per cent to end at 36,124. Also, Bank Nifty opened with a gap-up and registered a new record high of 53,180.75. Thereafter, index witnessed profit booking and settled the day on a negative note at 52,811.30.

“Bank Nifty rollovers appear higher compared to the past three-month average. However, the recent rally has been quite aggressive.

Heavyweight stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank still show potential for upward movement, which could cause significant swings towards the higher range for the index,” said Shilpa Rout, AVP-Derivatives Research, Prabhudas Lilladher.

Sectors with strong rollovers include technology, cement, telecom, financials, banking (private banks), and capital goods. In contrast, weak rollovers are observed in chemicals, infrastructure, realty and metals. According to experts, if the index holds above 24,000 levels, the rally could extend towards 24,250-24,500 in the short term.