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Sensex, Nifty hit record highs as HDFC twins rise
New coronavirus strain stings stock markets
The return of FIIs to Indian markets has boosted sentiments
In Rising Zone
♦ Sensex climbs 195.45 pts to settle at a record 63,523.15
♦ Nifty advances 40.15 pts to end at its new peak of 18,856.85
♦ BSE midcap gauge up 0.68% and smallcap index gained 0.24%
Benchmark indices BSE Sensex and NSE Nifty rallied to close at all-time highs on Wednesday following buying in index majors HDFC twins and Reliance Industries. Positive trends in European markets also added to the momentum in domestic equities.
Rising for a second straight day, the 30-share BSE Sensex climbed 195.45 points or 0.31 per cent to settle at a record high of 63,523.15. During the day, it jumped 260.61 points or 0.41 per cent to its all-time intra-day peak of 63,588.31. On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07pts. The NSE Nifty advanced 40.15 points or 0.21 per cent to end at its lifetime closing peak of 18,856.85. The stock touched an intra-day high of 18,875.90 following gains in financials, IT and power shares.
“It’s a pleasure to see Sensex reaching a new all-time high in spite of several challenges from the global front. We are waiting for the June quarterly results to trickle in with hopes that it would be by and large in sync with expectations,” said Rakeshh Mehta, Chairman, Mehta Equities Ltd.
From the Sensex pack, Power Grid rose the most by 3.68 per cent. HDFC Bank rose by 1.71 per cent, HDFC by 1.66 per cent, Tech Mahindra by 1.13 per cent, and Tata Consultancy Services by 0.94 per cent. Wipro, Reliance Industries and Larsen & Toubro were among the gainers. Mahindra & Mahindra fell the most by 1.59 per cent, followed by ITC, IndusInd Bank, Axis Bank, Bajaj Finance and Maruti.
In the broader market, the BSE midcap gauge climbed 0.68 per cent and smallcap index gained 0.24 per cent. Among the indices, utilities jumped 1.19 per cent, services climbed 1.18 per cent, power (1.08 per cent), telecommunication (0.81 per cent), financial services (0.60 per cent) and oil & gas (0.57 per cent). Commodities, industrials, auto, metal and realty were the laggards.
S Ranganathan, head (Research) at LKP Securitiessaid that benchmark indices touched new highs on the back of sustained increase in capital expenditure by the government coupled with rising manufacturing PMI. The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said.
