The BSE Sensex made history again today by crossing the 81,000 mark for the first time. Despite a significant fall in the market during the morning session, the Sensex surged 810 points in the afternoon to reach a high of 81,203 points. The Nifty of the National Stock Exchange also achieved a milestone, surpassing the 24,700 level for the first time and touching a high of 24,746.80 points, marking a gain of 234 points from the low level.
The Sensex opened with a fall of nearly 200 points in the morning and dropped by 326 points. However, buying interest in banking, IT, and FMCG shares led to a strong rebound. The Sensex climbed 813 points from the low to reach the historic high of 81,203 points, crossing the 81,000 mark for the first time. Similarly, the Nifty initially fell by 110 points from the previous close but rebounded by 243 points from the low to reach a high of 24,746.80 points.
While the Sensex and Nifty hit all-time highs, midcap and smallcap stocks lost their luster in today's session. The Nifty Midcap 100 and Nifty Smallcap indices are trading with significant declines.
Market Bullish Ahead of Budget
The bullish trend in the Indian stock market is being linked to the upcoming budget. Expectations are high that the government will allocate more funds for capital expenditure, with potential major announcements for the railways, defense, and energy sectors. Additionally, the government may introduce measures to boost rural consumption by increasing farmers' incomes, contributing to the market's pre-budget rally.