Sensex Hits Historic 80,000-Mark, Nifty Also At Fresh High | Stock Market's Record Jump Since Modi's Return

On Wednesday, Sensex was 80,013.77, up 572.32 points or 0.72 per cent in early trade on Wednesday and Nifty also opened at 24,291.75, up 168 points or 0.70 per cent.

Outlook Web Desk

Updated on: 3 July 2024 9:40 am

Sensex hit a historic 80,000-mark on Wednesday

Equity benchmark indices BSE Sensex and NSE Nifty hit fresh lifetime high in early trade on Wednesday, July 3. Sensex hit a historic 80,000-mark. On Tuesday as well, Sensex and Nifty hit fresh lifetime high levels before closing flat due to profit-taking in select banking and telecom shares amid mixed global cues.

Sensex was 80,013.77, up 572.32 points or 0.72 per cent in early trade on Wednesday and Nifty also opened at 24,291.75, up 168 points or 0.70 per cent.

Record Jump In Stock Market Since Modi's Return

The Indian stock market has been experiencing an unprecedented bull run since Prime Minister Narendra Modi-led BJP-NDA government's return for a third straight term after winning the recently concluded Lok Sabha elections.

The Sensex's journey from 75,000 to 80,000 points has been swift, with a 5,000-point climb in less than three months.

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The rally in the market gained significant momentum following the Modi 3.0 government's oath ceremony on June 9, reflecting positive market sentiment post elections. Sensex hit the 77,000 mark the very next day of PM Modi's oath-taking.

The upward trajectory began on April 9 when the Sensex first touched the 75,000 milestone, as per figures cited in a news agency ANI report. From there, the index continued to climb steadily, reaching 76,000 points on May 27. This rise of 1,000 points within a month paved way for further gains, as investor confidence remained high amid favorable economic policies and market conditions.

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On June 10, less than a month after reaching 76,000, the Sensex hit another high, crossing the 77,000 mark. The momentum continued and in just 15 days, on June 25, the index breached the 78,000 barrier.

The market rally continued to gather pace, and within the next two days, the Sensex surged to 79,000 points, driven by sustained buying interest and positive economic indicators.

Bank Nifty opened in green territory with an increase of 704 points or 1.35 per cent at 52 872.30 whereas the Nifty Midcap opened at 56149.90, an up of 295.20 or 0.53 per cent increase.

The 30-share BSE Sensex declined 34.74 points or 0.04 per cent to settle at 79,441.45 in a volatile trade on Tuesday. During the day, it jumped 379.68 points or 0.47 per cent to hit a record peak of 79,855.87 on Tuesday.

The Nifty declined by 18.10 points or 0.07 per cent to 24,123.85. Intra-day, it climbed 94.4 points or 0.39 per cent to hit a lifetime high of 24,236.35.

Among the 30 Sensex companies these were the biggest laggards: Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India and Titan. Meanwhile, Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies and Tata Steel were the biggest gainers.

"The domestic market took a breather, resonating with the mixed global trend, with the ECB showing caution regarding further rate cuts. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends," news agency PTI quoted Vinod Nair, Head of Research, Geojit Financial Services, as saying.