Sensex breaches 78k level for 1st time, Nifty settles at new all-time high

New Delhi: The benchmark Sensex breached the historic 78,000 level for the first time while the Nifty settled at a new record high on Tuesday, driven by buying in blue-chip bank stocks and Reliance Industries amid firm trends in Asian markets.

The 30-share BSE Sensex surged 712.44 points, or 0.92 percent, to settle at a new closing peak of 78,053.52. During the day, the benchmark soared 823.63 points, or 1 percent, to hit a fresh lifetime high of 78,164.71.

The Nifty climbed 183.45 points, or 0.78 percent, to settle at a record closing peak of 23,721.30. During the day, it rose 216.3 points, or 0.91 percent, to reach a new all-time high of 23,754.15.

Among the 30 Sensex companies, Axis Bank, ICICI Bank, HDFC Bank, Tech Mahindra, Larsen & Toubro, Bajaj Finserv, State Bank of India, Reliance Industries, and Infosys were the biggest gainers.

Conversely, Power Grid, Asian Paints, Tata Steel, Nestle, Maruti, and JSW Steel were among the laggards.

In Asian markets, Seoul, Tokyo, and Hong Kong closed higher, while Shanghai ended lower. European markets were trading in negative territory, and US markets ended on a mixed note on Monday.

India recorded a current account surplus of USD 5.7 billion, or 0.6 percent of GDP, in the March quarter, the Reserve Bank of India announced on Monday. This marks the first time in ten quarters that the country's current account has turned into a surplus.

"A positive development from the market perspective is the current account turning surplus in Q4 FY'24. This will alleviate pressure on the rupee and pave the way for FII inflows once there is clarity on the Fed rate cuts," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.44 percent to USD 85.63 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 653.97 crore on Monday, according to exchange data.

On the previous trading day, the BSE benchmark ended 131.18 points, or 0.17 percent higher, at 77,341.08. The Nifty rose 36.75 points, or 0.16 percent, to settle at 23,537.85.