SENSEX SOARS PAST 63K BARRIER IN CLOSING SURGE
The broader NSE Nifty advanced 140.30 points or 0.75% to end at 18,758.35
Benchmark BSE Sensex settled above the 63,000-level for the first time on Wednesday, extending its winning momentum to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows.
The 30-share barometer rallied 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record closing high. During the day, the benchmark jumped 621.17 points or 0.99 per cent to 63,303.01, its lifetime intra-day peak. The broader NSE Nifty advanced 140.30 points or 0.75 per cent to end at 18,758.35, its fresh record closing high.
Among the Sensex pack, Mahindra & Mahindra, UltraTech Cement, Power Grid, Hindustan Unilever, Bharti Airtel, Asian Paints, Tata Steel and Titan were major gainers.
Benchmark BSE Sensex settled above the 63,000level for the first time on Wednesday, extending its winning momentum to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows.
The 30-share barometer rallied 417.81 points or 0.67% to settle at 63,099.65, its fresh record closing high. During the day, the benchmark jumped 621.17 points or 0.99% to 63,303.01, its lifetime intra-day peak.
The broader NSE Nifty advanced 140.30 points or 0.75% to end at 18,758.35, its record closing high.
Among the Sensex stocks, Mahindra & Mahindra, UltraTech Cement, Power Grid, Hindustan Unilever, Bharti Airtel, Asian Paints, Tata Steel and Titan were major gainers.
IndusInd Bank, State Bank of India, HCL Technologies and ITC were among the laggards.
“The domestic market continued its quest for gains, boosted by foreign institutional investor (FII) inflows. However, markets will be sensitive to the US Federal Reserve chairman’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes,” according to Vinod Nair, head of research at Geojit Financial Services.
“An in-line comment will help sustain the rally while loosening covid-19 restrictions in China is providing relief to
global markets,” Nair said.
In the broader market, the BSE midcap gauge jumped 1.06% and smallcap index climbed 0.61%.
All sectoral indices ended in the green, with utilities rallying 2.52%, power jumped 2.35%, metal (1.96%), auto (1.74%), commodities (1.62%), realty (1.54%), telecommunication (1.44%) and consumer discretionary (1.25%).
“Sentiment turned extremely bullish towards the closing stages, as renewed foreign institutional
buying propelled both the benchmark indices to scale fresh highs. Also, strong European markets opening further bolstered investors’ sentiment ahead of the Q2 GDP data announcement,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said.
Markets in Seoul, Shanghai, and Hong Kong ended higher, while Tokyo settled lower. Exchanges in Europe were trading higher in the afternoon trade. Wall Street had ended on a mixed note on Tuesday.
International oil benchmark Brent crude was trading 1.83% higher at $84.55 per barrel.
FIIs bought shares worth ₹1,241.57 crore on Tuesday, as per exchange data.
The rupee appreciated 34 paise to close at 81.38 (provisional) against the US dollar on Wednesday as a weak greenback in the overseas market and a rally in domestic equities boosted investor sentiment.
At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.38 and a low of 81.64 against the greenback.
On Tuesday, the rupee declined 4 paise to close at 81.72 against the US dollar.
The Indian rupee registered the first monthly gains in 11-months following a rebound in the risk assets, lower crude oil prices and foreign fund inflows, according to Dilip Parmar, research analyst, HDFC Securities.
“It is poised to end the month 1.6% higher, its biggest gain since August 2021,” Parmar said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.29% to 106.51.