Market recovers from its lows, Metal records sharp gain
Both the benchmark indices closed the session with positive gains experiencing a notable recovery from its lows on Tuesday.
Marking a significant surge, Sensex hit the 80,000-mark in intraday deals on Wednesday registering the third fastest 5,000-point intraday rise for the Sensex in history.
The spike was propelled by HDFC Bank stock that surged 4 per cent to Rs 1794 levels.
As per the data, Sensex took just 57 days to gain the last 5,000-points from the 75,000 mark to 80,000 levels on an intraday basis.
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ACE Equity data shows that the last 5,000-point gain in the Sensex – from the 75,000 mark hit on April 9, 2024 till July 3, 2024 – has been led by a diverse set of stocks.
Mahindra & Mahindra (M&M) has been the top gainer that surged over 37 per cent during this period to around Rs 2900 levels, it said.
Ultratech Cement, Bharti Airtel, Power Grid Corporation of India (PGCIL), Tech Mahindra and Axis Bank were some of the other gainers.
Further IndusInd Bank, Titan Company, Bajaj Finserv, Maruti Suzuki, Sun Pharma, Larsen & Toubro (L&T) and HCL Technologies were some of the laggards.
Notably, the fastest 5,000-point rally for the Sensex was nearly three years ago. The index hit an intraday high of 60,333 in a span of just 28 trading days, rising from the 55,000 mark.
On the other hand, it took 4,357 trading days for the Sensex to hit the 5,000 mark for the first time ever, the data showed.
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