New milestone: Sensex scales 85K and Nifty tops 26K, then retreat

Benchmark indices Sensex and Nifty 50 achieved historic intraday highs on Tuesday, surpassing the 85,000 and 26,000 marks for the first time, but retreated before the closing bell. The 30-share Sensex peaked at 85,163 but closed slightly lower at 84,914, down 14.57 points, or 0.02 per cent, from the previous day. Similarly, the broader Nifty 50 reached an intraday high of 26,012 before settling at 25,940 — a new closing record -- up 1.35 points, or 0.01 per cent. These gains coincided with a 4 per cent rally in Chinese equity markets following new measures aimed at revitalising the struggling property sector. Investor optimism has also been bolstered by expectations of greater foreign inflows following a recent 50 basis point rate cut by the US Federal Reserve. The Sensex’s latest ascent of 5,000 points (6.36 per cent) took 57 days, mirroring the pace it took to rise from 75,000 to 80,000 (6.6 per cent). Meanwhile, the Nifty 50’s latest 1,000-point increase (3.7 per cent) required 37 days, compared to the prior 1,000-point gain (4.11 per cent) which took only 24 days.