Stock market boomed, more than 250 stocks on BSE reached one-year high, investors made 6 lakh crores in a day

The Indian stock market witnessed a massive surge today, with over 250 stocks, such as ICICI Bank, Bharti Airtel, Hindustan Unilever, Bajaj Finserv, and JSW Steel, hitting 52-week highs in intraday trading. The rally pushed the Sensex and Nifty 50 to new record levels.

These stocks reached record highs

Key stocks such as Zomato, Bajaj Holdings, Britannia Industries, Marico, Eicher Motors, Havells, Indian Hotels, Max Healthcare, Persistent Systems, PI Industries, Trent and United Spirits also hit their one-year highs.

Investors' earnings

Investors earned over Rs 6 lakh crore in a single day as the total market cap of BSE-listed companies hit a historic high of Rs 472 lakh crore from Rs 465.7 lakh crore in the previous session.

Performance of Sensex and Nifty

The Sensex hit a new high of 84,694.46 but closed at 84,544.31, up 1,360 points or 1.63%. The Nifty 50 hit a high of 25,849.25 but ended at 25,790.95, up 375 points or 1.48%.

market environment

There was a broad buying environment in the market, and the BSE Midcap and Smallcap indices gained a solid 1.16% and 1.37%, respectively. Out of the 30 Sensex stocks, only four stocks—SBI, IndusInd Bank, TCS, and Bajaj Finance—closed in the red.

Top Gainers

Mahindra & Mahindra, JSW Steel, ICICI Bank, Larsen & Toubro, and Bharti Airtel were the top Sensex gainers.

Analysts' opinion

Vinod Nair, Head of Research at Geojit Financial Services, attributed this market rally to the recent 50 basis points Fed rate cut and highly accommodative monetary policy. He said this environment is expected to attract positivity in the economy and foreign investment, especially in rate-sensitive sectors like auto and finance. Traditional sectors like FMCG are also expected to perform well, which can benefit from increased demand and reduction in input costs.