In early 2023, Morgan Stanley had predicted that the 30-stock BSE benchmark Sensex would cross the 68,500 milestone by December 2023 with an upside of 80,000 in a bull case scenario. Though Sensex crossed 68,500 in the first week of December 2023 and crossed the 72,000 milestone by the last week, crossing 80,000 seemed like a distant dream.
However, the momentum seen on Dalal Street following the Lok Sabha elections ahead of the Union Budget helped Sensex cross the 79,000 mark on Thursday and the index is likely to surpass the coveted 80,000 milestone in a few days.
Sensex achieved its new lifetime high of 79,240.08 after a decline in early trade, thanks to continued buying in market heavyweights like Reliance Industries, UltraTech Cement and JSW Steel. Other top gainers included were IT giants like Infosys, Tech Mahindra and Tata Consultancy Services.
Geojit Financial Services Chief Investment Strategist V.K. Vijayakumar told news agency PTI that the market will remain bullish in the near-term despite valuation concerns and the ongoing momentum has the potential to take the Sensex to 80,000 levels.
"A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday joining the bull bandwagon, the rally has the strength to continue," he added.
The Nifty also crossed the 24,000 milestone after hitting its fresh record peak of 24,036.60 while the Nifty Bank index crossed the 53,300 landmark by reaching an all-time high of 53,180.75.
