Sensex settles above record 85,000 level, Nifty scales 26,000 mount on fag-end buying

Sensex closes above 85,000 for the first time, Nifty at lifetime high; banking and power shares drive gains.

Benchmark Sensex closed above the 85,000 level for the first time while Nifty settled at a fresh lifetime high on Wednesday (September 25, 2024) as fag-end buying in banking and power shares helped stock markets recoup early losses.

After a see-saw trade during the day, the 30-share BSE Sensex rose by 255.83 points or 0.30% to settle at an all-time high of 85,169.87. During the day, it surged 333.38 points or 0.39% to hit a record intra-day peak of 85,247.42.

The NSE Nifty climbed 63.75 points or 0.25% to close at a record high of 26,004.15. During the day, it went up by 92.4 points or 0.35% to reach a new intra-day peak of 26,032.80.

From the 30 Sensex firms, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra and HDFC Bank were the biggest gainers.

Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India and JSW Steel were the biggest laggards.

“After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns,” Vinod Nair, head of research, Geojit Financial Services said.

The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation, he added.