Sensex smashed a new record high as the index crossed the historic 79,000 mark. Nifty followed a similar suit in the morning trading session on Thursday. While blue-chip stocks led the rally, Nifty IT emerged as the standout performer among sectoral indices.
The 30-share BSE Sensex jumped 339 points to hit its new lifetime peak of 79,013 after falling in early trade, helped by buying in blue-chips Reliance Industries and ICICI Bank.
The Nifty also bounced back, rising 97.6 points to hit its fresh all-time high of 23,966.40.
"The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80,000 levels," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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Among the 30 Sensex companies, UltraTech Cement, JSW Steel, Reliance Industries, Axis Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank and Tata Steel were the biggest gainers.
Maruti, Tech Mahindra, HCL Technologies and Larsen & Toubro were the biggest laggards.
"A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday joining the bull bandwagon, the rally has the strength to continue," he further added.
On Wednesday, foreign institutional investors (FIIs) sold equities amounting to Rs 3,535 crore, as per exchange records.
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BSE's Sensex surged by 620 points, closing at a new high of 78,674, while the Nifty rose by 147.50 points, reaching a record closing level of 23,868.
(With inputs from PTI)
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