RECORD 75,000 mark SENSEX AT ALL TIME HIGHNifty peaks at record 22,775.70

 

 

 

BENCHMARK Sensex climbed 354 points to close above the record 75,000 mark for the first time while broader Nifty scaled a fresh lifetime high on Wednesday on gains in FMCG, energy and metal shares. The 30-share BSE Sensex climbed 354.45 points or 0.47 per cent to settle at an all-time high of 75,038.15. During the day, the index spurted 421.44 points or 0.56 per cent to hit a high of 75,105.14. Broader Nifty of the NSE advanced by 111.05 points or 0.49 per cent to close at a record peak of 22,753.80. During the day, it jumped 132.95 points or 0.58 per cent to reach a lifetime peak of 22,775.70. Key indices hit intra-day lifetime high levels on Tuesday with Sensex scaling the historic 75,000 mark for the first time but closed in the red following profit booking in index major Reliance Industries.

 

“Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts,” Vinod Nair, Head of Research, Geojit Financial Services said. Investors’ attention remains fixated on the release of the FOMC minutes and US inflation data later on Wednesday, Nair added. According to Santosh Meena, Head of Research at Swastika Investmart Ltd, the Sensex now reaching 1,00,000 seems like a realistic possibility in the near future. “Currently, India boasts the fastest-growing economy globally, with a promising future fueled by political stability. We appear to be in the midst of a major bull market, which is likely to persist for the next few years,” Meena said. At the same time, Meena advised investors that they should prioritise quality stocks while maintaining a longterm investment approach. From the Sensex basket, ITC, Kotak Mahindra Bank, Bharti Airtel, State Bank of India, Asian Paints, Tech Mahindra, Reliance Industries and Nestle were the major gainers.

 

Maruti, HDFC Bank, Larsen & Toubro and Mahindra &Mahindra were among the laggards. The majority of sectors were aligned with the move wherein FMCG, metal and energy were among the topgainers. The broader indices also edged higher after twodays of pause and gained in the range of 0.7 -0.9 per cent, Ajit Mishra, SVP - Technical Research, Religare BrokingLtd said. In the broader market, the BSE midcap gauge climbed0.89 per cent and smallcap index advanced 0.46 per cent. Among the indices, oil & gas jumped 1.74 per cent, energy by 1.71 per cent, metal by 1.66 per cent, commoditiesby 1.30 per cent and services by 1.15 per cent. Utilities and auto were the laggards. As many as 1,961 stocks advanced while 1,869 declinedand 103 remained unchanged. In Asian markets, Tokyo and Shanghai settled lowerwhile Hong Kong ended in the positive territory. Marketsin South Korea were closed for elections. European markets were trading in the green. Wall Streetended mostly with gains on Tuesday. Global oil benchmark Brent crude climbed 0.18 per cent to USD 89.58 a barrel. Foreign Institutional Investors (FIIs) offloaded equitiesworth Rs 593.20 crore on Tuesday, according to exchangedata. The BSE benchmark declined 58.80 points or 0.08per cent to settle at 74,683.70 on Tuesday. The NSE Niftydipped 23.55 points or 0.10 per cent to 22,642.75. Stock and money markets will remain closed onThursdayon account of Ramzan Eid.