In a first, Sensex crosses 85000, Nifty nears 26,000-mark

Sensex reaches historic 85000 mark

The Sensex surged to an unprecedented 85,008 points, marking its first time crossing the 85,000 threshold, while the Nifty approached the 26,000 mark, reflecting a record-breaking performance in the Indian stock market. This rally was driven by gains in steelmakers and automakers.

Among the 30 stocks in the Sensex, Tata Steel, JSW Steel, and Powergrid emerged as the top gainers. In contrast, Hindustan Unilever, Infosys, and Bajaj Finance saw declines. The Sensex had only crossed the 84,000 mark just four days prior and surpassed 83,000 on September 12. The index broke through 82,000 on August 1 and 81,000 on July 18, achieving a remarkable climb from 80,000 to 85,000 points in less than 12 weeks.

The broader market maintained a positive trend, with the Nifty midcap 100 index rising by 147 points, or 0.24%, to reach 60,860, and the Nifty smallcap 100 index gaining 37 points, or 0.19%, to hit 19,586.

In terms of sector performance, Tata Steel, JSW Steel, Nestle, Tata Motors, Power Grid, HDFC Bank, Sun Pharma, Bharti Airtel, Asian Paints, and NTPC led the way in gains. Conversely, major losers included Bajaj Finance, Infosys, Hindustan Unilever, UltraTech Cement, IndusInd Bank, Axis Bank, Wipro, and Bajaj Finserv.

Hardik Matalia, a Derivative Analyst at Choice Broking, noted, “After a positive opening, Nifty may find support at 25,850, followed by 25,800 and 25,750. On the upside, 26,000 represents immediate resistance, with subsequent levels at 26,050 and 26,100.”

Sectoral indices showed significant gains in auto, pharma, metal, media, energy, infrastructure, public sector enterprises, healthcare, and oil & gas, while IT, PSU banks, financial services, FMCG, and real estate lagged behind.

Asian markets also reflected positive trading trends, with Tokyo, Shanghai, Hong Kong, Bangkok, Seoul, and Jakarta all in the green. The US markets closed positively on Monday.

Experts pointed to two key trends: Ongoing geopolitical concerns in the Middle East, particularly escalating tensions following Israeli strikes on Lebanon, which have raised crude oil prices and heightened anxiety in the market.

Additionally, they highlighted a growing preference for quality investments in India, evidenced by the continuous rise of Bank Nifty for eight straight sessions. The return of Foreign Institutional Investors (FIIs) in September is expected to bolster recovery in leading banking stocks.

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