June 27th 2024.
The stock market in India's financial capital, Mumbai, reached a new milestone on Thursday as the country's leading indices continued their upward trend. This surge was mainly driven by strong buying activity in the IT sector.
The Sensex and Nifty, two of the top stock market indices in India, reached record highs of 79,240 and 24,036 respectively. This was a momentous occasion as it marked the first time that the Nifty had surpassed the 24,000 mark and the Sensex had crossed the 79,000 level.
At 12:55pm, the Sensex was up by 418 points, a 0.53 per cent increase, at 79,092, while the Nifty saw a 135-point or 0.53 per cent rise at 24,004. The IT, oil and gas, and FMCG sectors were the top performers, while PSU banks, auto, pharma, and media lagged behind.
Experts believe that the market will continue to perform well in the short term, despite concerns about high valuations. They also predict that the market's current momentum has the potential to push the Sensex to even greater heights, possibly reaching 80,000 levels.
They also pointed out a positive trend in the market where the recent surge is being led by strong and fundamentally sound large-cap companies in sectors such as banking and telecom.
Taking a closer look at the Sensex, top gainers include Ultratech cement, Wipro, JSW steel, Infosys, Tech Mahindra, NTPC, TCS, and Kotak Mahindra. On the other hand, L&T, Maruti Suzuki, Sun Pharma, IndusInd Bank, and Bajaj Finance were the top losers.
Overall, the sentiment in the market is positive and experts are optimistic about its future performance. This is an exciting time for investors as the stock market continues to break records and open up new opportunities for growth and success.
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