Sensex Touches 80,000 in Bull Run on Dhanteras, IT and Banks Lead Rally

Indian stock markets witnessed a strong rally on Dhanteras, November 6, as the BSE Sensex crossed the psychological 80,000 mark during morning trade. The benchmark index climbed more than 660 points to reach an intraday high of 80,080.59, supported by foreign institutional investor (FII) buying and gains in information technology and private banking stocks.

The Nifty 50 also moved higher, advancing more than 142 points to touch 24,702.60. The positive movement came as investors increased buying in select heavyweight stocks, including Mahindra and Mahindra, Titan, ICICI Bank and HDFC Bank.

Key Highlights

• BSE Sensex crossed 80,000 and touched an intraday high of 80,080.59 on Dhanteras.
• The Sensex gained more than 660 points from its previous close of 79,310.01.
• Nifty 50 advanced more than 142 points to reach 24,702.60.
• Nifty IT rose 1.32%, while the Nifty Private Bank index gained 0.72%.
• Metal, chemical and real estate stocks faced selling pressure during morning trade.

Sensex Crosses 80,000 on Dhanteras

The BSE Sensex crossed the 80,000 level during Friday’s trading session, reaching an intraday high of 80,080.59. It had closed at 79,310.01 in the previous session and opened Friday at 79,413.66.

During the session, the index also touched an intraday low of 79,016.05 before recovering as buying interest strengthened. The rally of more than 660 points reflected positive sentiment among investors, with foreign institutional investors continuing to support the market through their purchases.

This was another notable milestone for the benchmark index. The Sensex first crossed the 80,000 mark on July 3, 2024, when it reached an intraday high of 80,074.

Nifty Climbs Above 24,700

The Nifty 50 also traded firmly in positive territory on Dhanteras. The index advanced more than 142 points to touch an intraday high of 24,702.60.

Nifty opened at 24,538.20, compared with its previous closing level of 24,536.60. Buying in heavyweight stocks, particularly automobiles, private banks and select technology companies, helped support the broader market.

The movement in both benchmark indices indicated broad positive momentum during the morning session, although gains remained uneven across different sectors.

IT and Private Bank Stocks Lead Sectoral Gains

Information technology and private banking stocks emerged as important drivers of the market rally. The Nifty IT index gained 1.32%, even as technology shares faced selling pressure in global markets.

Private banking stocks also attracted buying interest, lifting the Nifty Private Bank index by 0.72% during morning trade. Strong performance in major banking constituents helped support the benchmark indices.

Other sectors also traded mostly higher. Consumer durables, financial services and pharmaceutical indices gained up to 0.38%. Automobile shares edged higher, while healthcare stocks remained in positive territory.

Metal, Chemical and Realty Stocks Under Pressure

Despite the broader market rally, several sectors experienced selling pressure. The Nifty Metal index declined more than 1%, making it one of the weaker sectoral performers during morning trade.

Chemical and real estate stocks also traded lower, with the Nifty Chemicals and Nifty Realty indices facing declines. The mixed sectoral performance indicated that investors were favouring selected industries rather than buying across the entire market.

Sensex and Nifty: Top Gainers and Losers

Several heavyweight stocks influenced the direction of the benchmark indices on Friday. On the BSE, Mahindra and Mahindra, Titan, ICICI Bank, HDFC Bank and Sun Pharma were among the biggest gainers around 1 AM.

The biggest losers on the BSE included Hindustan Unilever, HCL Technologies, Eternal Limited, Infosys and Tech Mahindra.

On the NSE, Mahindra and Mahindra, Titan, ICICI Bank, HDFC Bank and NTPC featured among the leading gainers. Shriram Finance, Eicher Motors, Tata Motors Passenger Vehicles, Hindalco and Bharat Electronics were among the biggest losers.

Why Are Indian Markets Rising?

Continued foreign institutional investor buying was one of the key factors supporting the market. Fresh buying in major banking, IT and automobile stocks also contributed to the upward movement in the Sensex and Nifty.

The strength of heavyweight stocks is particularly important for benchmark indices because their movements can significantly influence overall market performance. Gains in private banks and selected technology companies helped offset weakness in metals, chemicals and real estate.

However, sectoral differences suggest that investors are still evaluating individual company and industry prospects rather than participating uniformly in the rally.

What Investors Should Watch Next

Investors will be watching whether the Sensex can sustain levels above 80,000 and whether the Nifty can maintain its position above 24,700. Continued FII activity, movements in heavyweight banking and IT shares, and broader global market sentiment could influence the next direction of Indian equities.

Sectoral performance will also remain important. Strength in private banks and technology stocks may continue to support the benchmarks, while weakness in metals and real estate could limit broader market gains.

Conclusion

The Sensex crossing 80,000 on Dhanteras marked a significant milestone for the Indian stock market. The benchmark gained more than 660 points to reach 80,080.59, while the Nifty advanced above 24,700.

FII buying and gains in IT and private banking stocks supported the rally, although metal, chemical and real estate shares remained under pressure. Investors will now focus on whether the positive momentum can continue beyond the festive trading session.