Mid-day updates: Sensex crosses 84,000; Nifty hits record highs amid metal, auto stock rally

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Indian stock markets reached unprecedented levels on Friday, with both the Sensex and Nifty indices hitting all-time highs. The Sensex surged past the 84,000 mark for the first time, trading at 84,199.41, up 1,014.61 points or 1.22 per cent from its previous close. Similarly, the Nifty climbed to 25,725.90, gaining 310.10 points or 1.22 per cent.

The rally was driven by strong performances in key sectors, particularly metals and automobiles. M&M led the gains on the NSE, rising 4.49 per cent, followed by Eicher Motors at 3.68 per cent, JSW Steel at 3.27 per cent, Coal India at 3.04 per cent, and Adani Enterprises at 2.67 per cent. Only a few stocks witnessed declines, with Grasim down 0.51 per cent, TCS falling 0.38 per cent, and NTPC dropping 0.28 per cent.

Market breadth remained positive, with 2,468 advances against 1,337 declines on the BSE. A total of 221 stocks hit their 52-week highs, while only 36 touched their 52-week lows. The market saw 256 stocks reach the upper circuit and 230 hit the lower circuit.

Other indices also showed robust performance. The Nifty Next 50 rose 1.20 per cent to 75,312.15, while the Nifty Bank index reached a fresh record high of 53,591.85, up 1.05 per cent. The Nifty Financial Services index gained 1.13 per cent to reach 24,678.30.

Derivatives market activity indicated strong bullish sentiment. A mid-session update from Stoxkart, a deep discount broker, noted, “…sharp upward movement in index levels primarily due to short covering by call writers. Additionally, significant put writing observed at the 25,500 & 25600 strike indicates that traders are optimistic about the Nifty’s performance…”

The report added, “…traders view this level as a strong support point which can further encourage bullish sentiment in the market.”

The surge in stock prices comes amid ongoing global economic uncertainties, highlighting the resilience of the Indian market. Investors appear to be betting on continued economic growth and improvements in corporate earnings.

As the trading session progresses, market participants will closely watch for potential profit-taking or consolidation at these record levels. The closing bell will provide a clearer picture of the day’s trading sentiment and whether these gains can be sustained.