Mumbai: The benchmark Sensex closed above the 77,000 level for the first time, and the broader Nifty hit a new peak on Tuesday as key equity indices remained on record-breaking runs led by a rally in ICICI Bank, HDFC Bank and Infosys.
Besides, fresh foreign fund inflows amid a firm trend in global equities boosted investor confidence, traders said.
In a range-bound session, Sensex and Nifty closed at their fresh closing all-time highs amid intense demand from realty, consumer durables and utility stocks.
Ending gains for the third consecutive session, the 30-share BSE Sensex rose 308.37 points or 0.40 per cent to close at a new closing peak of 77,301.14. During the day, it jumped 374 points or 0.48 percent to hit a fresh lifetime peak of 77,366.77.On the BSE, 2,167 shares advanced, while 1,836 declined and 147 shares remained unchanged.
NSE Nifty rose 92.30 points or 0.39 per cent to hit a record high of 23,557.90 for the fourth consecutive session. It rose 113.45 points or 0.48 percent to hit a new all-time high of 23,579.05 during the day's trading.
“The Indian market has again hit record highs and is gradually extending the gains made after the national elections. It is reacting positively to the upcoming budget, which is expected to strike a balance between growth and populism."Similarly, it is also taking cues from positive global market trends, with the US steadily moving towards the presidential elections in November. Market volatility has reduced during the month, which is contributing to the short-term trend," Vinod Nair , said the chief. of Research, Geojit Financial Services.
Citing improvement in consumer spending and increased investment, Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal year to 7.2 percent from 7 percent estimated in March.
Among the 30 Sensex companies, Power Grid, Wipro, ICICI Bank, Titan, Mahindra & Mahindra, Axis Bank, HDFC Bank, Infosys, JSW Steel and State Bank of India were the biggest gainers.In contrast, Maruti, UltraTech Cement, Tata Steel, Tata Motors, ITC and Tata Consultancy Services were among the laggards.
Siddharth Khemka, Head – Retail, said, “Indian equities are trading at all-time highs due to positive macros and US markets are hitting new highs. Additionally, advance direct tax receipts for Q1 FY25 were 27%. The percentage increase supported sentiments." Research, Motilal Oswal Financial Services Ltd said.
In the broader market, the BSE smallcap gauge jumped 0.96 per cent and the midcap index climbed 0.43 per cent.Among the indices, realty (2.11 per cent), utilities (1.05 per cent), telecom (1 per cent), consumer discretionary (0.90 per cent), banks (0.83 per cent), services (0.74 per cent) and capital goods (0.73 per cent) rose. Percent).
On the other hand, auto, metals and oil & gas remained laggards.
"Following the tech-led rally in the US last night and the recent sell-off, Europe remained uneasy as traders awaited comments from US Federal Reserve officials," said Deepak Jasani, Head, US Federal Reserve. "Global stock markets rose on Tuesday." of retail research at HDFC Securities, said.
In Asian markets, Seoul, Tokyo and Shanghai remained in the positive zone, while Hong Kong closed lower.European markets were trading with gains in mid-session deals. American markets closed with gains on Monday.
According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 2,175.86 crore on Friday.
Global oil benchmark Brent crude fell 0.27 percent to US$84.02 per barrel.
Stock markets were closed on Monday on the occasion of Eid-ul-Azha.Rising for the third consecutive day, the BSE benchmark closed 181.87 points or 0.24 per cent higher at 76,992.77 on Friday. Nifty rose 66.70 points or 0.29 percent to 23,465.60.
“We expect equities to continue to rally on positive global cues, strong domestic macro and focus on increased government spending in the upcoming Budget,” Khemka said."
Besides, fresh foreign fund inflows amid a firm trend in global equities boosted investor confidence, traders said.
In a range-bound session, Sensex and Nifty closed at their fresh closing all-time highs amid intense demand from realty, consumer durables and utility stocks.
Ending gains for the third consecutive session, the 30-share BSE Sensex rose 308.37 points or 0.40 per cent to close at a new closing peak of 77,301.14. During the day, it jumped 374 points or 0.48 percent to hit a fresh lifetime peak of 77,366.77.On the BSE, 2,167 shares advanced, while 1,836 declined and 147 shares remained unchanged.
NSE Nifty rose 92.30 points or 0.39 per cent to hit a record high of 23,557.90 for the fourth consecutive session. It rose 113.45 points or 0.48 percent to hit a new all-time high of 23,579.05 during the day's trading.
“The Indian market has again hit record highs and is gradually extending the gains made after the national elections. It is reacting positively to the upcoming budget, which is expected to strike a balance between growth and populism."Similarly, it is also taking cues from positive global market trends, with the US steadily moving towards the presidential elections in November. Market volatility has reduced during the month, which is contributing to the short-term trend," Vinod Nair , said the chief. of Research, Geojit Financial Services.
Citing improvement in consumer spending and increased investment, Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal year to 7.2 percent from 7 percent estimated in March.
Among the 30 Sensex companies, Power Grid, Wipro, ICICI Bank, Titan, Mahindra & Mahindra, Axis Bank, HDFC Bank, Infosys, JSW Steel and State Bank of India were the biggest gainers.In contrast, Maruti, UltraTech Cement, Tata Steel, Tata Motors, ITC and Tata Consultancy Services were among the laggards.
Siddharth Khemka, Head – Retail, said, “Indian equities are trading at all-time highs due to positive macros and US markets are hitting new highs. Additionally, advance direct tax receipts for Q1 FY25 were 27%. The percentage increase supported sentiments." Research, Motilal Oswal Financial Services Ltd said.
In the broader market, the BSE smallcap gauge jumped 0.96 per cent and the midcap index climbed 0.43 per cent.Among the indices, realty (2.11 per cent), utilities (1.05 per cent), telecom (1 per cent), consumer discretionary (0.90 per cent), banks (0.83 per cent), services (0.74 per cent) and capital goods (0.73 per cent) rose. Percent).
On the other hand, auto, metals and oil & gas remained laggards.
"Following the tech-led rally in the US last night and the recent sell-off, Europe remained uneasy as traders awaited comments from US Federal Reserve officials," said Deepak Jasani, Head, US Federal Reserve. "Global stock markets rose on Tuesday." of retail research at HDFC Securities, said.
In Asian markets, Seoul, Tokyo and Shanghai remained in the positive zone, while Hong Kong closed lower.European markets were trading with gains in mid-session deals. American markets closed with gains on Monday.
According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 2,175.86 crore on Friday.
Global oil benchmark Brent crude fell 0.27 percent to US$84.02 per barrel.
Stock markets were closed on Monday on the occasion of Eid-ul-Azha.Rising for the third consecutive day, the BSE benchmark closed 181.87 points or 0.24 per cent higher at 76,992.77 on Friday. Nifty rose 66.70 points or 0.29 percent to 23,465.60.
“We expect equities to continue to rally on positive global cues, strong domestic macro and focus on increased government spending in the upcoming Budget,” Khemka said."
