NEW DELHI: Domastic equity market benchmark index BSE Sensex breached the 75,000 level for the first time on Tuesday as bullish momentum continued till the first half of the trading session.
It took 24 sessions for the 30-share index to add last 1,000 points as it had first scaled the 74,000 level on March 6, 2024. Sensex has rallied from the 70,000 level to the 75,0000 level in around 80 sessions as it first hit the 70,000 mark on December 14, 2023.
Sensex hit a new high of 75,124.28 on Tuesday. The other benchmark, NSE Nifty50, hit a new high of 22,765.30 in intraday deals on Tuesday. From the record high levels, the market witnessed profit booking with the Sensex falling 58.80 points or 0.08% to settle at 74,683.70. The NSE Nifty dipped 23.55 points or 0.10% to close at 22,642.75.
“Indian market reached a fresh intra-day peak before seeing profit-booking at higher levels in anticipation of tomorrow’s US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amid recent better-than-expected US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year,” said Vinod Nair, head of research, Geojit Financial Services
Naveen Kulkarni, Chief Investment Officer, Axis Securities PM, said that it was expected that Nifty would reach a new all-time high in the new fiscal year, but the pace of the move has been faster than anticipated.