Benchmark equity indices reached new all-time highs on Wednesday, as the Sensex surpassed the 64,000 level and the Nifty soared to 19,000 in intra-day trade. This surge was driven by fresh foreign fund inflows and a rally in the US and European markets. The positive momentum was further boosted by the buying of market heavyweight stocks like Reliance Industries and HDFC Bank.
Continuing its upward trend from the previous day, the 30-share BSE Sensex rose 499.39 points or 0.79%, reaching a record closing high of 63,915.42 points. Intra-day, the index hit an all-time peak of 64,050.44 points, a jump of 634.41 points or 1%. The NSE Nifty increased by 154.70 points or 0.82%, closing at a new high of 18,972.10 points. Intra-day, it reached a lifetime peak of 19,011.25 points, surging by 193.85 points or 1%.
Among the gainers in the Sensex pack were Tata Motors, Sun Pharma, Titan, Larsen & Toubro, IndusInd Bank, Reliance Industries, NTPC, UltraTech Cement, Bajaj Finance, Infosys, HDFC Bank, and Maruti. Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Bajaj Finserv, HCL Technologies, and Wipro were the laggards.
“After almost seven months of consolidation, the Nifty has surpassed the 19,000 mark. What’s more, all sectors are showing positive growth. Investors are becoming increasingly optimistic about risk assets, optimistic about the recent drop in inflation, and anticipating the end of the rate hike cycle,” said Amar Ambani, Group President & Head – Institutional Equities at YES SECURITIES.
In Asian markets, Tokyo and Hong Kong closed in the green, while Seoul and Shanghai ended lower. European markets were trading positively. The US markets closed significantly higher on Tuesday. Brent crude, the global oil benchmark, rose by 0.83% to USD 72.86 a barrel.
“After multiple attempts, the domestic market has successfully sustained record high levels, thanks to increased buying interest in heavyweight stocks. The market’s bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiment. The pharma and metal sectors emerged as the top performers, outshining other sectors,” commented Vinod Nair, Head of Research at Geojit Financial Services.
According to exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday. On the same day, the BSE benchmark rose by 446.03 points or 0.71%, settling at 63,416.03 points. The Nifty increased by 126.20 points or 0.68% to end at 18,817.40 points.
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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.
