BUSINESS

Sensex and Nifty again surge to new highs as stocks soar

On Tuesday, the Sensex soared beyond 65,400 points and the Nifty exceeded 19,300 points, setting new record closing highs for the fourth consecutive day as foreign money inflows and general economic confidence fueled the market boom.

The confidence in the equities market was further boosted by uninterrupted foreign fund inflows and vigorous purchasing in banking and IT shares.

The 30-share BSE Sensex increased 274 points or 0.42 percent to close at its all-time closing high of 65,479.05. This was the rally’s fifth consecutive session high. The benchmark rose 467.92 points or 0.71 percent during the day to reach its all-time intra-day high of 65,672.97.

The NSE Nifty increased by 66.45 points, or 0.34 percent, to close at a brand-new high record of 19,389. It increased by 111.6 points or 0.57 percent throughout the session to reach an all-time intra-day high of 19,434.15.

The blue-chip 30-share Sensex increased by more than 1,500 points and the Nifty by more than 400 points in the last four sessions of a record-breaking run.

“The market is still upbeat, but the upper band is showing signs of profit-booking since the current surge has sent the market to a new record high range. According to Vinod Nair, Head of Research at Geojit Financial Services, the market’s momentum has changed from this year’s leaders to this year’s laggards, such as IT, commodities, and PSUBs.

Following Bajaj Finance, who surged 7.71%, were Bajaj Finserv, Tech Mahindra, Sun Pharma, NTPC, Titan, Wipro, Tata Consultancy Services, Kotak Mahindra Bank, Infosys, State Bank of India, and ITC.

On the other side, the laggards were Tata Steel, Bharti Airtel, Axis Bank, Reliance Industries, IndusInd Bank, and UltraTech Cement.

The BSE midcap gauge fell 0.22% in the overall market, while the smallcap index finished only 0.5% higher.

IT increased by 0.84 percent, financial services increased by 0.73 percent, teck increased by 0.54 percent, consumer durables increased by 0.37 percent, and FMCG increased by 0.22 percent among the indexes.

Telecommunication had a loss of 1.17 percent, followed by commodities (0.20 percent), oil and gas (0.66 percent), auto (0.56 percent), consumer discretionary (0.27 percent), and oil and gas (0.66 percent).

Although there were conflicting signals from Asia and poor European markets in the early trading, buoyancy in the markets persisted as benchmark indexes reached new highs.

“The cushion provided by Indian markets on the back of its strong fundamentals are offsetting some of the negative catalysts seen in key developed economies, and strong backing by the FIIs in recent weeks is a testimony to it,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

In Asian markets, Seoul and Tokyo finished down, while Shanghai and Hong Kong closed in the black.

In the mid-session trades, European equity markets were trading in a range of directions. The US stock market had a positive closing price on Monday.

Benchmark Brent crude for all crude oil increased 1.15 percent to USD 75.51 per barrel.

According to exchange statistics, foreign portfolio investors (FPIs) purchased shares of stock on Monday totaling Rs 1,995.92 crore.

In June, FPIs invested Rs 47,148 crore in Indian stocks, the biggest amount in the previous 10 months.

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