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Sensex, Nifty drift higher to fresh peak
Sensex, Nifty moved up for 3rd session on buying in FMCG, telecom, select IT shares and FII inflows: Mcap rose by Rs0.18 lakh cr to Rs455.25 lakh cr or $5.45 trn; No trading today for Muharram
Edging Higher
- BSE Sensex climbed 51.69 pts or 0.06% to new lifetime high of 80,716.55
- During the day, Sensex advanced 233.44 pts or 0.28% to hit fresh record high of 80,898.30
- NSE Nifty went up by 26.30 pts or 0.11% to all-time closing high of 24,613
- Intra-day, Nifty rallied 74.55 pts or 0.30% to record peak of 24,661.25
Mumbai: Continuing the record-breaking run for the third straight day, benchmark Sensex and Nifty closed at record high levels on Tuesday following buying in FMCG, telecom and select IT shares and FII inflows.
The 30-share BSE Sensex climbed 51.69 points or 0.06 per cent to settle at a new lifetime high of 80,716.55. During the day, it advanced 233.44 points or 0.28 per cent to hit a fresh record high of 80,898.30. The NSE Nifty rose by 26.30 points or 0.11 per cent to settle at an all-time closing high of 24,613, extending the gaining streak to the third day. Intra-day, it rallied 74.55 points or 0.30 to hit a new record peak of 24,661.25.
Market capitalisation (mcap) of BSE-listed companies rose by Rs0.18 lakh crore to Rs4,55,24,617.83 crore (Rs455.25 lakh cr or $5.45 trn)
“The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective,” said Vinod Nair, Head of Research, Geojit Financial Services.
As many as 18 Sensex shares advanced while 12 declined. Stock markets opened on a firm note and benchmark indices hit intra-day record high levels in the first half. However, losses in Reliance Industries and Kotak Bank restricted gains and dragged indices from the day’s highs.
“Oil prices edged lower due to concerns about a slowing Chinese economy impacting demand. However, expectations that the US Federal Reserve might begin cutting its key interest rate as early as September limited the declines, Shrikant Chouhan, head (equity research), Kotak Securities said. Markets will remain closed on Wednesday for Muharram.
A total of 2,005 stocks advanced while 1,908 declined and 95 remained unchanged on BSE.
Sensex and Nifty have been on a record-breaking run since Friday as foreign investors have turned net buyers in the Indian equities amid growing hopes of a rate cut by the US Fed by September.
Encouraging quarterly results by blue-chips have also supported the rally despite high valuation concerns, according to analysts. US Federal Chair Jerome Powell said that the Fed is becoming more convinced that inflation is headed back to its 2 per cent target and there could be a rate cut before the pace of price rise actually reached that point.
