Continuing Wednesday’s upward momentum, the benchmark equity indices hit fresh lifetime highs on Thursday before paring some gains due to profit booking at higher levels. Both indices surpassed their previous peak recorded in September 2024.
The Sensex jumped 446.35 points, or 0.52%, to scale a record high of 86,055.86, breaching the 86,000-mark for the first time. It later gave up most of its gains to close at 85,720.38, up 110.87 points or 0.13%. The index is now just 116 points away from its record closing high of 85,836. It took the Sensex 292 trading sessions to travel from 85,000 to 86,000.
DII Dominance
Domestic institutional investors have pumped in nearly $104.1 billion (₹9 lakh crore) over the past 14 months, while foreign portfolio investors have offloaded shares worth $28 billion (₹2.4 lakh crore) during the same period.
The Nifty surged 105.15 points, or 0.40%, to hit a lifetime high of 26,310.45 before trimming gains. It managed to settle at 26,215.55, just shy of its record closing high of 26,216.05, up 10.25 points or 0.04%.
“Nifty climbed to new all-time highs after a 14-month consolidation phase, closing above the 26,200 mark despite volatility. Its overall structure remains constructive, with potential to advance toward 26,350, while immediate support has moved up to 26,000,” said Nilesh Jain, Head – Technical and Derivatives Research (Equity), Centrum Broking.
“Indian markets steadied after a volatile session in which both the Nifty and Sensex briefly touched record highs before profit booking set in. Throughout the year, retailers emerged as the primary investors. However, the overall market performance fell short of expectations, prompting derisking toward year-end,” said Vinod Nair, Head of Research, Geojit Investments.
Market Breadth Weakens
Market participants are now closely watching Friday’s GDP data, along with key events such as the US–India trade deal and the upcoming RBI policy meeting—factors expected to shape near-term market direction, Nair added.
“While frontline indices are scaling record highs, the broader market — particularly small-caps — remains subdued. A recovery in this segment, along with supportive global cues and steady domestic sentiment, could drive the next leg of the rally,” said Ajit Mishra, SVP, Research, Religare Broking.
Broader indices underperformed the benchmarks, with the BSE Midcap ending flat and the BSE Smallcap declining 0.38%.
Overall market breadth was negative, with 2,154 losers against 1,992 gainers on the BSE. Investors’ wealth fell by ₹59,351 crore to ₹474.33 lakh crore.
While most sectoral indices closed in the red, financial services, banks and IT recorded marginal gains. Oil & gas, realty and energy were the top laggards.
BSE Bankex and Bank Nifty both hit fresh lifetime highs on Thursday.
Among Sensex constituents, Bajaj Finance, ICICI Bank, Bajaj Finserv, HUL and HCL Tech were the top gainers, rising up to 2.27%, while Maruti Suzuki, Eternal, UltraTech Cement, SBI and Tata Steel were the top losers, falling up to 1.42%.
