Market Update: Sensex Crosses 80,000, Jumps 730 Points; Nifty Nears 24,700 As India's Diwali Rally Defies G
News18 · Mohammad Haris, Business Desk ·
The resilience of Indian market stands in sharp contrast to the bloodbath in global markets, where global AI stocks faced heavy selling on concerns over valuations and AI spending.
Diwali cheer lit up Dalal Street on Friday, with Indian equity benchmarks shrugging off a massive global technology sell-off to extend their winning streak. The Sensex surged over 730 points to reclaim the psychologically 80,000 mark, while the Nifty climbed towards 24,700, as strong buying in heavyweight automobile, banking and pharmaceutical stocks powered the rally. The resilience of Indian equities stood in sharp contrast to the bloodbath in global markets, where technology and AI-linked stocks faced heavy selling on concerns over valuations and AI spending.
However, investors appeared to be selectively accumulating large-cap stocks, while continued profit-booking in the broader market.
At 1:12 pm, the Sensex was trading at 80,039.50, up 729.49 points, or 0.92%. The index had opened at 79,413.66 and touched an intraday high of 80,080.59, crossing the 80,000 milestone during the session. Its intraday low stood at 79,016.05.