 "Big bull run: Sensex breaches 82,000 mark, Nifty 50 crosses 25K for the first time")
Both Indian benchmark indices– Sensex and Nifty 50– clocked in record highs and breached psychologically important milestones in early trade on Thursday (August 1).
After opening at 81,949.68, the 30-share BSE Sensex rose further to touch a fresh lifetime high of 82,129.49 points. This is the first time the index has crossed the 82,000 mark.
The broader Nifty 50 index was not to be left behind either. It opened at 25,030.95 and climbed to a new all-time high of 25,050.9 points, crossing the 25,000 mark for the first time since its inception.
Market movers
Among Sensex shares, Maruti rose nearly 3 per cent following its stellar June quarter results.
Adani Ports, Power Grid, JSW Steel, and Tata Steel were also among major gainers. Upward movement in shares of index heavyweights HDFC Bank, Reliance Industries, and ICICI Bank shot the index to record high levels.
Mahindra and Mahindra, Sun Pharma, ITC, Infosys and TCS were among the losers, capping index gains.
Why did the market rally?
The Federal Reserve chief Jerome Powell on July 31 (August 1 as per IST) signalled a possible rate cut in September. That was a positive cue for the global equity markets. Additionally, his statement regarding the US economy normalising has bolstered positive sentiment for bulls.
Prior to the market opening, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, had said “The dip in the 10-year US bond yield to 4.05 is sharp and this may halt and perhaps may even reverse the FII selling in the cash market in recent days. If both FIIs and DIIs turn buyers the market can spurt today.” That is likely to have materialised.
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