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Sensex, Nifty Hit Record Highs: Maruti Suzuki, Tata Motors, Bajaj Finserv, M&M among Top Gainers

Sensex Today: Benchmark indices made record gains yet again on Thursday, with Nifty Auto as the top-performing sector. NSE Nifty surpassed the 26,000 psychological mark

Sensex, Nifty today: Benchmark indices continued their upward streak on Thursday as sectoral indices like Nifty Auto and Metal remained in momentum. While NSE Nifty managed to cross the 26,000 level mark, the 30-company index, BSE Sensex rallied over 700 points to end close to Mt 86k.

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Nifty Auto was up by nearly 2.26 per cent or 607 points and concluded the day 27496.30 level mark. FII's (Foreign institutional investors) continuous buying streak coupled with the larger optimism playing in the market pushed markets to new all-time highs.

Maruti Suzuki, Tata Motors, Mahindra and Mahindra, Bajaj Finserv and Tata Steel were among the top gainers in the market. On the other hand, Larsen and Toubro, and NTPC (National Thermal Power Corporation) were among the top losers from the Sensex pack.

What led to the rally?

The steady inflows of funds by Foreign Institutional Investors (FIIs) continue to be the major trigger, especially after the Federal Reserve announced its 50 basis point rate cut.

While valuation concerns are well-present in the market, analysts believe that there has been a major fundamental shift in the market as investors are now favouring high-growth and high-quality companies.

"The market tide seems to be turning in favor of high-growth and high-quality companies. Markets have seen significant volatility this fiscal year, especially post the union election results. From 1st June 2024 onwards, the tide seems to be turning, especially post the election results. High-growth and high-quality companies have outperformed low-growth and low-quality companies by about 10 per cent in this period," said Vinay Paharia, CIO, PGIM India Mutual Fund. 

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Meanwhile, India's primary market is also experiencing heightened investors interest. In the coming months, the IPO scene is gearing up for some major players to make their debut, including Hyundai Motors, Swiggy and NTPC’s green energy arm.

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