Bulls are showing no signs of slowing down, as they mounted a big recovery in the final hour of trade today after a shaky start. This recovery has pushed both the Nifty 50 and the Sensex to new heights, marking their fifth consecutive session of gains.
The Nifty 50 increased by 0.35 percent, reaching a new record high of 26,032 points in trade, before closing up 0.25 percent at 26,004 points. This is the first time the index has closed above the 26,000 threshold.
Similarly, the S&P BSE Sensex set a new all-time high of 85,247 points, up 0.34%. It completed the session above the 85,000 barrier for the first time, settling at 85,169 points, representing a 0.30% increase over the previous closing price.
The significant rally in the last hour of trading was driven by Power Grid Corporation, Axis Bank, NTPC, Grasim Industries, and Bajaj Finserv, all of which posted gains ranging from 1 per cent to 4 per cent.
Overall, 30 of the 50 constituents of the Nifty 50 finished in positive territory.Notably, five stocks—Power Grid Corporation, NTPC, Bajaj Finserv, M&M, and Hindalco Industries—reached new one-year highs today.
While large-cap stocks maintained their upward momentum for the fifth consecutive trading session, mid-cap and small-cap stocks struggled to sustain the rally.
The Nifty Midcap 100 ended the session down 0.71 per cent at 60,465 points, and the Nifty Smallcap 100 also closed lower at 19,357 points, down 0.63 per cent compared to the previous closing price.