The benchmark indices gave up most of their morning gains and ended with a modest increase. Sensex and the Nifty achieved fresh closing highs, marking their fifth consecutive session of gains.

Sensex closed at 81,867.55, up 126 points, or 0.15%. The index hit its fresh all-time high of 82,129.49.

Nifty 50 ended 60 points, or 0.24%, higher at 25,010.90. IT made a fresh peak of 25,078.30 during the session.

Nifty 50 surged 5,000 points from 20,000 in just 220 sessions, making the fastest 5,000-point rally in Nifty’s history. Nifty first hit 5,000 in September 2007 and took a decade, or 2,433 days, to reach 10,000. It crossed 15,000 in February 2021.

Ten stocks contributed 50% to the 5,000-point rally in Nifty’s market capitalisation in the last 220 sessions. Since September 2023, the index surged nearly 25%, driven primarily by Bharti Airtel, Reliance Industries, Tata Consultancy Services, State Bank of India, ONGC, Tata Motors, ICICI Bank, NTPC, M&M, and Infosys.

The market cap of these 10 stocks increased by Rs 23.29 lakh crore, accounting for more than 53% of the gains in the Nifty’s market cap.

Twenty-eight stocks ended in the green in the Nifty 50 index. Power Grid (up 3.82%), Coal India (3.47%), and ONGC (2.03%) stood at the top.

Shares of Mahindra and Mahindra (down 2.78%), Tata Steel (1.37%), and Hero MotoCorp (1.35%) closed as the top losers.

Among the sectors, Nifty Media led with a 1.9% drop, followed by Nifty Realty and Nifty PSU Bank, down 1.7% and 1% respectively, while the Consumer Durables and IT indices fell 0.5% and 0.4%.

On the gaining side, Nifty Oil and Gas rose 0.4%, and Nifty Healthcare increased by 0.3%.

Mid and smallcap indices ended with losses due to profit booking amid rising concerns over rich valuations. The BSE Midcap index fell 0.80%, while the Smallcap index lost 0.70%.

Shares of Coal India rose 3.5% after it reported a 4.2% YoY rise in consolidated net profit and a 1.3% increase in its revenue for the quarter ended June.

Teamlease Services shares fell 7% after the company reported a year-on-year decline in its net profit, EBITDA, and operating margin for the June quarter.

GE T&D India shares were stuck in a 5% upper circuit.

In the global market, reacting to corporate earnings, major European markets fell.

US stock futures were in the green as the US Fed signalled rate cuts could start in September.

“The first interest rate cut could come as soon as the Fed’s next rate meeting in September if the data continue to suggest it is on track to meet its twin objectives of tackling inflation and employment,” Federal Reserve Chair Jerome Powell said.