Sensex touches 78,000 milestone, Nifty hits new all-time high
PTC News Desk: As purchasing in blue-chip bank stocks and Reliance Industries caused the Nifty to close at a fresh record high on Tuesday, the benchmark Sensex broke beyond the historic 78,000 threshold for the first time.
The 30-share BSE Sensex closed at a new closing peak of 78,053.52, up 712.44 points, or 0.92 percent. The benchmark increased by 823.63 points, or 1%, during the day to reach a new all-time high of 78,164.71.
On June 10, the Sensex crossed above 77,000 for the first time.The Nifty increased by 183.45 points, or 0.78 percent, to end the day at 23,721.30, a new high. It increased 216.3 points, or 0.91 percent, during the day to reach a lifetime intraday high of 23,754.15.
The top gainers among the 30 Sensex companies were Infosys, Reliance Industries, Tech Mahindra, ICICI Bank, HDFC Bank, Axis Bank, Larsen & Toubro, and Bajaj Finserv.
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Among the laggards were Power Grid, Asian Paints, Tata Steel, Nestle, Maruti, and JSW Steel. According to Deepak Jasani, Head of Retail Research at HDFC Securities, “a rally in the banking stocks pushed Nifty to hit another record – 34th time this year though a host of other sectors ended in the negative.”
The smallcap index fell 0.03 percent and the BSE midcap gauge fell 0.26 percent in the overall market.
“From a market standpoint, the current account turning surplus in Q4 FY24 is good news. When clarity over the Fed rate cuts emerges, this will relieve pressure on the currency and open the door for FII inflows,” stated V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Reserve Bank of India announced on Monday that the country’s current account surplus for the March quarter was USD 5.7 billion, or 0.6% of GDP.
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The vital indicator of the nation’s external strength has entered surplus mode for the first time in ten quarters. The indices showed increases of 1.87 percent for bankex, 1.45 percent for financial services, 0.53 percent for IT, and 0.28 percent for capital goods. Real estate fell 1.82 percent. The percentages for power (1.05%), utilities (0.95%), metal (0.84%), and telecommunication (0.28%) decreased as well.
“The markets slightly increased, indicating that the upswing has resumed following a brief break. The first half of the Nifty saw range trading, but a strong increase was sparked by deliberate purchases of heavyweight companies, especially those from the banking industry, according to Ajit Mishra, SVP, Research, Religare Broking Ltd.
“We think the trend will be determined by the banking industry’s current strength and notable IT leadership, with other sectors potentially contributing on a cyclical basis,” Mishra continued.
Shanghai concluded lower in Asian markets, while Seoul, Tokyo, and Hong Kong finished higher. The trading on European markets was negative. On Monday, US markets concluded with a mixed result. The benchmark for world oil, Brent crude, fell 0.44 percent to USD 85.63 a barrel. Exchange data indicates that on Monday, stocks worth Rs 653.97 crore were offloaded by Foreign Institutional Investors (FIIs).
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