Sensex settles above record 85,000 level, Nifty scales 26,000 mount on fag-end buying

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai. File
| Photo Credit: Reuters

Benchmark Sensex closed above the 85,000 level for the first time while Nifty settled at a fresh lifetime high on Wednesday (September 25, 2024) as fag-end buying in banking and power shares helped stock markets recoup early losses.

After a see-saw trade during the day, the 30-share BSE Sensex rose by 255.83 points or 0.30% to settle at an all-time high of 85,169.87. During the day, it surged 333.38 points or 0.39% to hit a record intra-day peak of 85,247.42.

The NSE Nifty climbed 63.75 points or 0.25% to close at a record high of 26,004.15. During the day, it went up by 92.4 points or 0.35% to reach a new intra-day peak of 26,032.80.

From the 30 Sensex firms, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra and HDFC Bank were the biggest gainers.

Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India and JSW Steel were the biggest laggards.

“After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns,” Vinod Nair, head of research, Geojit Financial Services said.

The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation, he added.

In Asian markets, Shanghai and Hong Kong settled in the positive territory while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The U.S. markets ended higher on Tuesday (Sept. 24).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,784.14 crore on Tuesday (Sept. 24), according to exchange data.

Global oil benchmark Brent crude dipped 0.35% to $74.91 a barrel.

After oscillating between highs and lows during the day on Tuesday (Sept. 24), the BSE benchmark dipped 14.57 points or 0.02% to settle at 84,914.04. During the day, it jumped 234.62 points or 0.27% to scale a fresh all-time intra-day peak of 85,163.23.

The Nifty eked out a marginal gain of 1.35 points or 0.01% to 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55.