Sensex crosses 80,000 for first time, banking stocks lead rally

Chandigarh, July 3

For the first-time ever in intraday trades on Wednesday, Sensex cross the 80,000 mark and reached its lifetime high of at 80,074 points, while the Nifty 50 index surged 184 points, recording its fresh high at 24,307.

The rally was led by strong gains in banking shares such as HDFC Bank.

According to stock brokers, the BSE benchmark index took just seven months to complete its journey from 70,000 mark to the 80,000-mark.

The gainers list on Sensex includes Kotak Mahindra Bank, Bajajaj Finance, Mahindra & Mahindra and Tech Mahindra. However, after open the benchmarks retreated slightly with Sensex trading at 79884.29 and the Nifty50 trading at 24,259.

Analysts suggests that the investors need to be patient and not to be carried away as it is not going to be a runaway rally. The new government’s 100-day agenda, progress of monsoon, inflation levels, interest rate action of the Reserve Bank of India (RBI) and corporate earnings growth are some of the factors that the markets will keep a tab on. Globally, geopolitical developments, outcome of the elections in major countries, especially the United States (US), central bank policy action and oil prices are some of the factors that will have to be monitored.

Going ahead, brokers are of the view that Sensex can potentially cross to 87,000 levels in the next six months of 2024.