Sensex, Nifty Hit All-Time Highs. Here’s What Led To It

Mumbai:

Equity benchmark indices Sensex and Nifty closed at fresh lifetime highs today following gains in banking, financial and capital goods stocks amid a firm trend in the global market.

A strengthening rupee and foreign capital inflows further bolstered sentiment, traders said.

The 30-share BSE index zoomed 466.95 points or 0.74 per cent to settle at a record closing high of 63,384.58. During the day, it rallied 602.73 points or 0.95 per cent to 63,520.36.

The NSE Nifty climbed 137.90 points or 0.74 per cent to end at its lifetime peak of 18,826.

Buying in index major Reliance Industries and HDFC twins also helped the markets to rebound.

Bajaj Finserv was the biggest gainer in the Sensex pack, rising 2.21 per cent, followed by Titan, ITC, Kotak Mahindra Bank, HDFC Bank, HDFC, Bajaj Finance, IndusInd Bank, ICICI Bank, HUL, Reliance Industries and Mahindra & Mahindra.

Wipro, Tata Consultancy Services, Power Grid and Tech Mahindra were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

Equity markets in Europe were trading with gains. The US markets ended significantly higher on Thursday.

“The domestic market rebounded with strong buying in banking, pharma, and consumer stocks, along with positive cues from global markets. The US market’s optimism was bolstered by better-than-expected retail sales, reflecting the robustness of the economy.

“Furthermore, jobless claims remain elevated and a decline in import prices raised hopes for a prolonged pause in interest rate hikes by the Fed, contradicting their announcement of potential future rate hikes made the previous day,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude dipped 0.62 per cent to USD 75.20 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 3,085.51 crore on Thursday, according to exchange data.

The BSE benchmark fell 310.88 points or 0.49 per cent to settle at 62,917.63 on Thursday. The Nifty declined 67.80 points or 0.36 per cent to end at 18,688.10.
 

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