In a remarkable early trade, the BSE Sensex surged to a new lifetime high of 63,588.31. Notably, this surge was driven by buyers focusing on HDFC twins and Reliance Industries, which are among the major companies in the index.
The 30-share BSE Sensex started the day by gaining 146 points and reaching 63,473.70. The NSE Nifty also showed positive movement, advancing 37 points to 18,853.70.
Later in the day, the BSE Sensex made a significant jump of 260.61 points and reached its all-time peak of 63,588.31. This milestone was achieved after a gap of nearly seven months since the Sensex’s last intra-day record peak of 63,583.07 on December 1 last year.
Among the major gainers in the Sensex pack were Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services, and Reliance Industries. However, Tata Steel, NTPC, Tata Motors, ICICI Bank, and Asian Paints were among the laggards.
In Asian markets, Tokyo was trading in the green, while Seoul, Shanghai, and Hong Kong experienced downward trends. Meanwhile, the US markets ended lower on Tuesday.
Additionally, the global oil benchmark Brent crude witnessed a 0.26% increase, reaching USD 76.09 per barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 1,942.62 crore on Tuesday, according to exchange data.
“It is important to understand that this is a global rally, with most markets such as the US, Euro Zone, Japan, South Korea, and Taiwan hovering around 52-week highs. Even when global growth is sluggish, there is a bullish trend in the markets. This can be attributed to the fact that the US recession, which was predicted last year, did not happen. There are indications that the US might avoid a recession, leading to a correction in the wrong discounting of last year,” explained V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The 30-share BSE benchmark closed higher by 159.40 points or 0.25% at 63,327.70 on Tuesday, while the Nifty advanced 61.25 points or 0.33% to end at 18,816.70.
“All eyes will be on the US Federal Reserve Chairman’s testimony before the US Congress later today,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.