New Milestone! Sensex jumps over 600 pts to touch 78,000 for first time, Nifty surpasses 23,600

Indian stock market: Market indices Sensex and Nifty touched a new record high on Tuesday's trading session. On June 25, the Sensex surged by 600 points, scaling to 78,000 mark and the Nifty exceeded the 23,600 mark to reach new record highs. This rise was driven by strong trends in Asian markets and buying in blue-chip banks. Both indices opened on a positive note in early trading, supported by gains in financial services and banking stocks.

On the other hand, Nifty Bank crossed the 52,500 mark for the first time, with ICICI Bank and HDFC Bank showing the most significant gains. ICICI Bank's market capitalization reached $100 billion after its stock increased by over 2 percent on Tuesday. This milestone makes ICICI Bank the sixth Indian entity to achieve a market capitalization above $100 billion.

Shares of HDFC Bank Ltd. have reversed their losses for the year, turning positive after rallying up to 12 per cent in the past month. The stock also added 64 points to the Nifty's 120-point surge today.

ICICI Securities' technical analysis, drawing on historical market trends during election years and traditional chart patterns, predicts that the Nifty could reach 25,200 by December 2024, with strong support expected around the 22,200 level.

Axis Bank, HDFC Bank, ICICI Bank, UltraTech Cement, State Bank of India, and Kotak Mahindra Bank were the top performers among the 30 Sensex companies.

Within the Nifty pack, UltraTech Cement, HDFC Bank, Divi's Lab, Coal India, and SBI were the top gainers, while HCL Tech, Asian Paints, and Titan faced selling pressure.

Meanwhile, Indian Railway stocks cracked over 3 per cent on Tuesday with RVNL declined over 2 per cent, Rail Tel Corporation plunged over 3.46 per cent, IRCTCT down 2.11 per cent.

“Nifty opened gap up and after the initial bout of volatility it resumed its upmove which helped the Nifty to close with gains of ~183 points. On the daily charts we can observe that Nifty witnessed follow through buying interest. The consolidation of the last ten trading sessions is breaking out on the upside and trending moves are likely to begin. Thus, we shall continue to ride the upmove till there is weakness on the price front,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.