Stock markets: The equity benchmark indices, Sensex and Nifty, continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade. This was fueled by fresh foreign fund inflows and buying in banking counters. The positive trend in the US markets on Monday also contributed to the optimism of the domestic benchmark indices.
The 30-share BSE Sensex soared 395.57 points, reaching a record intra-day peak of 66,985.50. The NSE Nifty rose by 99.8 points, hitting its all-time high of 19,811.25.
Among the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti, and Asian Paints were the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services, and Tata Steel were among the laggards. In Asian markets, Tokyo traded in the green, while Seoul and Shanghai experienced a decline.
The US markets ended on a positive note on Monday. According to exchange data, Foreign Institutional Investors (FIIs) continued their buying activity by purchasing equities worth Rs 73 crore on Monday.
“The global market construct continues to be favorable for the bulls. The declining dollar and the resulting capital flows to emerging markets can provide resilience to the market. However, high valuations and potential profit booking may restrain the rally. A healthy consolidation may be the near-term trend,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The global oil benchmark, Brent crude, rose by 0.38% to USD 78.80 a barrel. On Monday, the BSE benchmark surged 529.03 points or 0.80%, settling at a new all-time closing high of 66,589.93. The Nifty also rose by 146.95 points or 0.75%, ending at a record high of 19,711.45.
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Rupee rises against US dollar
In the morning session on Tuesday, the rupee traded in a narrow range against the US dollar. The support from positive domestic equities and the weak American currency was countered by rising crude oil prices.
Forex traders said market participants are cautious ahead of retail sales data from the US and the UK’s inflation data this week. The domestic unit opened at 82.01 against the American currency at the interbank foreign exchange.
During early trade, the rupee reached a high of 81.97 against the American currency. On Monday, it settled at 82.03 against the dollar. Traders mentioned that the scaling of domestic equity benchmarks to all-time high levels and weakness in the American currency overseas boosted investor sentiments and restricted the depreciating bias. The dollar index, which measures the strength of the greenback against a basket of six currencies, fell by 0.09% to 99.74.
(With PTI inputs)
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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.
