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Sensex touches 76,000 for first time, Nifty hits new high before closing lower

The broader NSE Nifty50 index also saw a sharp rise during early trading, reaching new highs. However, it failed to sustain these levels and closed below the critical 23,000 mark, indicating a pullback from investor enthusiasm.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 27, 2024 16:52 IST
BSE
Image Source : FILE Business stock market building.

The Sensex scaled the historic 76,000 level for the first time, and the Nifty hit a new lifetime peak before both indices closed marginally lower due to profit booking in the last 30 minutes of trading on Monday. The 30-share BSE Sensex closed down by 19.89 points, or 0.03%, at 75,390.50. Intra-day, it surged by 599.29 points, or 0.79%, to an all-time high of 76,009.68. However, it fell by around 835 points from its peak, reaching a low of 75,175.27 due to profit booking.

Similarly, the broader NSE Nifty declined by 24.65 points, or 0.11%, to close at 22,932.45. Earlier in the day, it rose by 153.7 points, or 0.66%, to a new lifetime high of 23,110.80 but later dropped by around 240 points.

Key drags: RIL and ITC

Heavyweight stocks like Reliance Industries (RIL) and ITC were among the biggest drags on the indices. RIL fell nearly 1%, while ITC also saw significant selling pressure.

Record-breaking rally

This marked the third consecutive day of a record-breaking rally in equity benchmarks ahead of the Lok Sabha poll results and positive global market cues. The results of the ongoing general elections are scheduled to be announced on June 4.

Recent milestones

- Sensex breached the 75,000-mark for the first time on April 9.

- It took 31 trading sessions for the Sensex to climb from 75,000 to 76,000.
- The BSE benchmark reached 75,000 after 21 sessions from hitting the 74,000-level on March 6.

Major movers

Among the Sensex constituents, Wipro, NTPC, Sun Pharma, Mahindra & Mahindra, ITC, and Reliance Industries were the major laggards. Conversely, IndusInd Bank, Axis Bank, Bajaj Finance, HDFC Bank, Larsen & Toubro, and State Bank of India were the top gainers.

Global market performance

Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong ended positively. European markets also traded in the green, while Wall Street closed with gains on Friday.

Crude oil and FII activity

The global oil benchmark, Brent crude, rose by 0.38% to USD 82.44 a barrel. Foreign Institutional Investors (FIIs) sold equities worth Rs 944.83 crore on Friday, according to exchange data.

Previous day's performance

On Friday, the Sensex dipped by 7.65 points, or 0.01%, to settle at 75,410.39. The Nifty breached the 23,000 mark for the first time but ended with a marginal decline of 10.55 points, or 0.05%, at 22,957.10.

Also read | Bank Holidays in June 2024: Banks to remain shut for 12 days | Check details here

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