MUMBAI: In a defining moment for Indian equity markets, the BSE Sensex breached the highly anticipated 83,000-mark for the first time on Thursday, fueled by a robust rally in blue-chip stocks and upbeat global market cues.
The benchmark soared by 1,593.03 points, or 1.95 per cent, to hit a new intra-day peak of 83,116.19 in the final hour of trading, before closing at a record 82,962.71, up 1.77 per cent for the day.
Nifty too
The parallel NSE Nifty also surged by 470.45 points, or 1.89 per cent to settle at a fresh all-time high of 25,388.90.
The surge was driven by significant buying in key heavyweights, including Bharti Airtel, NTPC, and JSW Steel, as investor sentiment soared on expectations of rate cuts from major global central banks like the ECB and the US Fed.
Markets saw a sharp late-session rally after trading in a range for most of the day. This unprecedented rise comes at a time when foreign fund inflows remain strong, with FIIs purchasing equities worth Rs1,755 crore on Wednesday alone.
Global optimism
“The late-session charge mirrored global optimism, while strong inflows and positive economic data further fueled the rally,” said Vinod Nair, Head of Research at Geojit Financial Services.
While blue-chip stocks drove the day’s gains, midcaps and small-caps also saw strong advances, with sectoral indices like metals, telecom, and power posting gains above 2 per cent.
Hopes of rate cut
Globally, major markets also witnessed significant upticks, with US inflation data bolstering expectations of a potential rate cut by the Federal Reserve in its upcoming meeting.
Brent crude prices, meanwhile, inched up by 1.39 per cent to $71.59 per barrel, adding to market momentum.
India story in focus
This historic milestone marks a crucial juncture for India’s stock markets, underscoring their growing resilience and capacity to hit new peaks amid favorable global conditions.
The optimism is expected to carry forward as central bank policies globally tilt towards easing, and India’s domestic growth story continues to attract investor attention. ib
“The Sensex hitting 83,000 is a dream realised for many investors, and it marks a clear indication of the positive trajectory Indian markets are set on,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
