The S&P BSE Sensex on Wednesday scaled and crossed the 75,000 mark led by buying in heavyweight banking and technology stocks.
The Sensex gained nearly half a percent or 354.45 points to settle at 75,038.15. The Sensex had on Tuesday touched its all-time high of 75,124.28 during intraday trade but lost gains due to profit booking.
The Sensex stocks which gained the most included ITC up 2.49%, Kotak Bank (2.40%), Bharti Airtel (2.11%), State Bank (1.94%), Asian Paint (1.36%) and Tech Mahindra (1.24%).
The gains at the National Stock Exchange (NSE) were led by Coal India. The NSE Nifty-50 index also gained by half a percent to reach 22,753.80, up 111.05 points.
Ajit Mishra, Sr. VP, Technical Research, Religare Broking Ltd., said the indices gained in continuation of the prevailing trend.
“Majority of sectors were aligned with the move wherein FMCG, metal and energy were among the top gainers. The broader indices also edged higher after two days of pause and gained in the range of 0.7%-0.9%,” he said.
“The rotational buying across sectors combined with stability at the global front is helping the index to inch higher with every passing day,” he added.
Suman Bannerjee, CIO, Hedonova said, “The Sensex reached a historic milestone, surpassing the 75,000 level for the first time. The Sensex has gained the last 5,000 points from 70,000 to 75,000 in less than 80 sessions, or under four months, since crossing the 70,000 mark on December 14, 2023.”
“This upward trajectory has been underpinned by robust sectors such as capital goods, automobiles, banking, and metals. Notably, the increasing participation of retail investors has helped mitigate the risk of a market crash, even in the face of potential foreign capital outflows due to delays or modest rate cuts by the Fed,” he added.
