Markets at all-time high on buying in heavy weights

Mumbai: Benchmark Sensex closed above the 77,000 level for the first time, and broader Nifty scaled a fresh peak on Tuesday as key equity indices stayed on the record-breaking run powered by a rally in index majors ICICI Bank, HDFC Bank and Infosys. Besides, renewed foreign fund inflows amid a firm trend in global equities boosted investor confidence, traders said. In a range-bound session, Sensex and Nifty settled at their new closing all-time high levels amid intense demand for realty, consumer durable and utility stocks. As many as 2,167 stocks advanced while 1,836 declined and 147 remained unchanged on the BSE.

Rising for the fourth straight session, the 30-share BSE Sensex climbed 308.37 points or 0.40 per cent to settle at a new closing peak of 77,301.14. During the day, it jumped 374 points or 0.48 per cent to hit the fresh lifetime peak of 77,366.77.

Rising for fifth session, NSE Nifty went up by 92.30 points or 0.39 per cent to hit a record closing high of 23,557.90 for the fourth straight session. It rallied 113.45 points or 0.48 per cent to hit the new all-time high of 23,579.05 during the day trade.

“The Indian market touched record highs again and is gradually expanding the gains achieved following the national election. It is responding positively to the upcoming budget, which is anticipated to strike a balance between growth and populism.

Similarly, it is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Market volatility has decreased over the month, which is contributing to a short-term trend,” said Vinod Nair, Head (Research), Geojit Financial Services.

In the broader market, the BSE smallcap gauge jumped 0.96 per cent, and midcap index climbed 0.43 per cent. Among the indices, realty jumped 2.11 per cent, utilities (1.05 per cent), telecommunication (1 per cent), consumer discretionary (0.90 per cent), bankex (0.83 per cent), services (0.74 per cent) and capital goods (0.73 per cent). On the other hand, auto, metal and oil & gas were the laggards.

“Indian equities are trading at an all-time high zone led by positive macros and US markets scaling to new highs. Further, 27 per cent growth in advance direct tax receipts for the Q1 FY25 supported the sentiments.