The benchmark equity indices Sensex and Nifty soared to record highs on Wednesday with Sensex hitting the record 64,000 mark and Nifty touching the 19,000 mark amid a rally in the US and European markets and fresh foreign fund inflows.
The positive momentum was aided by the buying of market heavyweight stocks like Reliance Industries and HDFC Bank. The 30-share Sensex jumped by 621.07 points to extend its previous day’s rally and hit its all-time high of 64,031.10 during afternoon trade. On the other hand, the 50-share Nifty climbed by another 193.85 points to reach its lifetime peak of 19,011.25.
Dhiraj Relli, MD and CEO of HDFC Securities Ltd said, “Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments.”
NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among the major gainers from the Sensex, while Wipro and Tech Mahindra fell.
In the Asian markets, Tokyo and Hong Kong stayed in the green while Seoul and Shanghai were trading lower. Elsewhere, European markets traded in the positive territory, while US markets ended significantly higher on Tuesday.
Siddhartha Khemka, the Head of Retail Research, Broking and Distribution, MOFSL said, “After making several attempts in the past few days, Nifty finally managed to cross its previous highs. Strong institutional flows, healthy macros and robust earnings growth drove domestic market towards its new highs.”
Meanwhile, global oil benchmark Brent curde climbed 0.08 per cent to USD 72.32 per barrel. Foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crores on Tuesday, exchange data showed.
It may be noted that the BSE benchmark had jumped 446.03 points or 0.71 per cent to end on 63,416.03 on Tuesday, while the Nifty jumped by 126.20 points or 0.68 per cent to end at 18,817.40.
