Stock Market Today: Nifty 50 Hits 24,000 for the First Time, Sensex Briefly Touches 79,000
On Thursday, the domestic benchmark indices, Sensex and Nifty 50, soared to fresh record highs for the third consecutive session, driven by key heavyweight stocks. The Nifty 50 surpassed the 23,900 mark for the first time, reaching a record high of 23,974 points, and briefly touched the 24,000 level around 12:15 IST. It took 23 sessions for the Nifty 50 to move from 23,000 to 24,000 points. Concurrently, the Sensex crossed the 79,000 mark for the first time, hitting a new lifetime high of 79,013 points.
Among individual stocks, five constituents of the Nifty 50—UltraTech Cement, Grasim Industries, Reliance Industries, ICICI Bank, and Axis Bank—achieved new 52-week highs. Cement stocks were particularly strong, with UltraTech Cement up 4.3% and Grasim Industries rising 2.6%. Overall, 19 Nifty 50 constituents traded in the green, with gains ranging from 0.1% to 4.3%.
“Key heavyweights continue to push the benchmark index higher to achieve new targets. We remain positive on the market and advise traders to maintain a positive bias and use any dips as a buying opportunity,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.
Despite starting Thursday’s trading at record highs with modest gains, the Sensex and Nifty 50 experienced profit-booking in early trade. According to Rahul Ghose, CEO of Hedged.in, the Nifty 50 is trading in a sell zone between 23,975 to 24,030. A breakout from this resistance could see the Nifty 50 test 24,250 on the upside, which would be the short-term intermediate top. He noted that FII long positions have reached an overbought zone, advising unwinding long positions due to low risk-to-reward ratios on the upside.
The Nifty Bank index also set a new record high, reaching 53,180 points after crossing the 53,000 barrier for the first time. The index has risen 2.60% over the last four sessions, driven by strong performances from private sector banks like IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. On the broader market front, the Nifty Midcap 100 was up 0.45%, while the Nifty Smallcap 100 increased by 0.17%.
On June 26, the Nifty 50 and Sensex continued their record run for a second consecutive session. The Nifty 50 reached 23,850 for the first time, driven by gains in banking and heavyweight stocks, closing at 23,868.80, up 147.50 points or 0.62%. The Sensex ended the session at 78,674.25, up 620.73 points or 0.80%.
In the derivatives segment, FIIs net bought index futures for the 12th consecutive session, with a significant addition of net longs in Nifty and Bank futures. This aggressive buying pushed the FIIs’ index futures long-short ratio to 1.59. Conversely, DIIs and retail investors held net short positions in index futures.
Technical analysts remain bullish on the market, with the Nifty breaking crucial resistance levels and the Bank Nifty showing strong upward momentum. The Nifty’s three inside-up patterns indicate continued bullish momentum, while the Bank Nifty’s breakout from a megaphone pattern suggests further gains. Analysts recommend a buy-on-dips strategy, particularly for the Bank Nifty, which has strong support at 52,000 and potential resistance at 53,000.
In summary, the market’s upward trend is expected to continue, supported by strong buying interest and positive technical indicators, with key indices poised to test higher levels in the near term.
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