Sensex, Nifty climb to record highs as foreign funds rush in
MUMBAI: The Sensex and Nifty ended at fresh lifetime peaks on Tuesday amid a largely firm trend in other Asian markets and continuous foreign fund inflows.
The 30-share BSE Sensex gained 177.04 points or 0.28% to settle at 62,681.84, its fresh record closing high.
During the day, it jumped 382.6 points or 0.61% to its lifetime intra-day peak of 62,887.40.
The broader NSE Nifty advanced 55.30 points or 0.30% to end at 18,618.05, its fresh record closing high.
“While the winning streak continued and key benchmarks scaled new highs, investors traded with caution in a slightly volatile market. There are worries about growing protests in China over the imposition of strict lockdowns, which markets fear could hurt the already slowing global economy,” said Shrikant Chouhan, Head of
Equity Research (retail), Kotak Securities Ltd.
“If the situation doesn’t improve, this could impact the market. But since India is in a slightly better position compared to other major economies, investors are willing to bet big on us,” Chouhan said.
Among the Sensex pack, Hindustan Unilever, Sun Pharma, Nestle, Dr Reddy’s, Tata Steel, ICICI Bank, Titan and HCL Technologies were the major winners.
Indusind Bank, Bajaj Finserv, Maruti, Power Grid and Larsen & Toubro were among the major laggards.
“Indian markets opened on positive note following positive overall Asian markets... During the afternoon session the markets continued their positive trend with heavy buying in fastmoving consumer goods (FMCG) and consumer durables stocks,” said Narendra Solanki Head Fundamental Researchinvestment Services, Anand Rathi Shares & Stock Brokers.
“Sentiments remained optimistic as data showed that foreign portfolio investors have infused funds worth ₹32,344 crore in the Indian stock markets so far in the month of November and became net buyers again,” Solanki said.
In the broader market, the BSE midcap gauge declined 0.39% and smallcap index dipped 0.29%.
Among sectoral indices, FMCG jumped 1.73%, metal (0.57%), consumer durables (0.58%) and healthcare (0.54%).