Sensex surpasses 78,000 mark and Nifty breaks 23,700 milestone; Bank stocks propel gains
Jun 25, 2024
New Delhi [India], June 25 : The stock indices closed in green after the day's trade on Tuesday, June 25. At the end of the trading day the Sensex closed at 78,053.52, up 712.44 or 0.92 per cent and Nifty closed at 23,721.30 up 183.45 or 0.78 per cent touching a new lifetime highs in trade.
During the trade, Sensex surged over 600 points to cross 78,164.71 level for the first time and Nifty crossed 23,700.
The Bank Nifty surpassed the 52,500 mark for the first time, highlighting strong momentum in the banking sector.
"Private banks led the Sensex and Nifty up with the real estate stocks seeing correction," said Ajay Bagga, Banking and Market Expert.
Among the sectoral indices Banking, Financial services, IT, PSU banks, and Private Banks surged while the sectoral stocks of FMCG, Auto, Media, Metal, Pharma, Reality, Healthcare, Consumer Durables, and Oil and gas closed in red at the National Stock Exchange (NSE)
Banking stocks at BSE also shone as stocks of Axis Bank, ICICI Bank, and HDFC Bank saw a surge during the trading hours.
Major banking stocks remained the top gainers during the day along with L&T, SBI, Tech Mahindra,Bajaj Finserve, Infosys and UltraTech Cement following the trend.
The companies losing at the Sensex were, BPCL, Tata Steel, Power Grid Asian Paints, NTPC, Adani Ports, SEZ, Nestle India, Maruti Suzuki and Bharti Airtel.
The stock market opened in green on Tuesday with Sensex opening at 77507.32, up by 166.24 points and Nifty opening 41.55 points up at 23579.40.
Shrikant Chouhan, Head Equity Research, Kotak Securities, "Among Sectors, Banking and Financial indices outperformed. Both the indices rallied over 1 percent whereas the Realty index shed nearly 2 percent. Technically, after a strong opening the market held the positive momentum throughout the day."
"In international markets, European stocks fell following a significant drop in chipmaker Nvidia, impacting U.S. tech firms and reflecting concerns in the AI sector. Despite this, global stock markets remained near all-time highs as investors favoured less volatile equities," said Varun Aggarwal MD, Profit Idea.
