Stock market today: Sensex ends above 79k, Nifty 50 surpasses 24,000 for the first time led by UltraTech, RIL, IT stocks

Stock market today: Thursday's session was a historic day for the domestic benchmark indices, where for the first time, the Nifty 50 crossed 24,000 and the Sensex soared over 79,000, creating new highs in mid-day trading. Analysts in the market said that the main drivers of the market's rise were the return of foreign institutional investors (FIIs) to the domestic market, growing purchases in index heavyweights, and political equilibrium.

The 30-share BSE Sensex ended higher by 568.93 points or 0.72% at 79,243.18 level while the Nifty 50 closed at 24,036.85 level, up 168.05 points or 0.7%.

At around 12:15 IST, Nifty 50 touched 24,000 level. It took 23 sessions for Nifty 50 to move from 23,000 to 24,000 level. Meanwhile, the Sensex crossed the 79,000 mark for the first time, hitting a new lifetime high of 79,013 points.

The overall market capitalisation of BSE-listed firms gained to about ₹438.7 lakh crore from ₹437.3 lakh crore in the previous session, making investors richer by about ₹1.4 lakh crore in a single session.

UltraTech Cement, Grasim Industries, Reliance Industries, ICICI Bank, and Axis Bank—touched new 52-week highs in today's trade. Cement stocks were dominating, with UltraTech Cement trading up 4.3% and Grasim Industries rallying 2.6%.

Also Read: Top Gainers and Losers today on 27 June, 2024: Ultratech Cement, LTI Mindtree, Shriram Finance, Larsen & Toubro among most active stocks; Check full list here

After breaking beyond the 53,000 barrier for the first time, the Nifty Bank index set a new record high of 53,180 points. The index has increased by 2.60% over the last four trading sessions, mostly due to impressive results from private sector banks including IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. However, Nifty Bank closed 0.11% lower.

On the broader market front, the Nifty Midcap 100 ended up 0.32%, while Nifty Smallcap 100 closed 0.67% lower.

According to an AP news report, global stock markets saw a drop in trading on Thursday ahead of a significant US inflation data that is expected on Friday and might influence future interest rate movements. Hong Kong had a drop of almost 2%. Oil prices increased as US futures declined as well.

The FTSE 100 in London lost 0.1% to 8,215.80 and the CAC 40 in Paris sank 0.2% to 7,593.97 in early European trade. The sole exception was the German DAX, which increased by less than 0.1% to 18,162.74.

The Nikkei 225 index in Tokyo fell 0.8% to 39,341.54 due to worries over the Japanese yen's further decline. In other Asian news, the S&P/ASX 200 index in Australia dropped 0.3% to 7,759.60. Bangkok's SET fell 0.5% while Taiwan's Taiex dropped 0.4%.

Also Read: Reliance share price hits lifetime high for second day in a row. Rises 6.50% in three days

Top Nifty 50 Gainers and Losers

As many as 35 stocks settled in the green in the Nifty 50 index while 15 ended in red, and 0 unchanged.

Shares of UltraTech Cement (up 5.45%), LTIMindtree Ltd (up 3.58%), Grasim Industries Ltd (up 3.24%), NTPC Ltd (up 3.19%), and Wipro Ltd (up 3.09%) ended as top gainers. On the other side, Larsen & Toubro Ltd (down 1.11%), Shriram Finance Ltd (down 0.97%), Eicher Motors Ltd (down 0.58%), Divi's Laboratories Ltd Ltd (down 0.49%), and HDFC Bank Ltd (down 0.30%) were among the laggards.

Sectoral indices today

IT, Metals, Financial Services, Oil & Gas, FMCG, Consumer Durables were among the sectoral indices at the NSE that were trading in the green, while Banks, Media, Pharma, PSU Banks were among those that traded in the red. Realty ended flat.

Also Read: Gold and silver prices today on 27-06-2024: Check latest rates in your city

Market Expert Views

Vinod Nair, Head of Research, Geojit Financial Services stated that the benchmark indices exhibited bullish momentum, buoyed by expected revival in the IT sector and consolidation in the cement industry. However, the broader market remained sideways due to valuation concerns and FII selling owing to rising US bond yields. Meanwhile, the US market put up a mixed performance, with investor sentiment remaining cautious ahead of key US data releases for the week, including the PCE price index, which could provide new impetus for rate cuts.

Further, Sarvjeet Singh Virk, Co-founder & MD, Shoonya by Finvasia, highlighted that the Sensex and Nifty reaching all-time highs suggest that 2024 could be a record-breaking year. The exponential surge in IPOs and FPOs in CY2024, with 56 companies poised to raise around ₹90,000 crore, underscores the significant impact of several key factors.

With a recent stable government, increased spending is anticipated, along with a favourable monsoon to boost the rural economy. However, investors need to be cautious while making any investment decisions, as the markets are at an all-time high, due diligence is necessary.

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Technical Views

"The Nifty 50 continued moving up as the bulls took the index to a new all-time high. The Nifty 50 made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness. The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200," said Rupak De, Senior Technical Analyst, LKP Securities.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.