Sensex, Nifty Reach New Highs Led by Gains in HDFC Twins and RIL

The purchasing in index giants HDFC twins and Reliance Industries helped the benchmark indexes Sensex and Nifty rise to finish at record highs on Wednesday.

The impetus in local shares was also fueled by favourable developments in European markets.

The 30-share BSE Sensex increased 195.45 points, or 0.31 percent, to close at a new high.

It increased by 260.61 points or 0.41 percent during the day to reach an all-time intra-day high of 63,588.31.

The Sensex reached its intra-day record top of 63,583.07 on December 1 of the previous year.

The NSE Nifty increased by 40.15 points, or 0.21 percent, to close at 18,856.85, its all-time closing high. The stock rose as high as 18,875.90 throughout the day.

Power Grid, HDFC Bank, HDFC, Tech Mahindra, Tata Consultancy Services, Wipro, Reliance Industries, and Larsen & Toubro were among the top gainers from the Sensex pack.

The laggards were Mahindra & Mahindra, ITC, IndusInd Bank, Axis Bank, Bajaj Finance, and Maruti.

Tokyo performed better than other Asian markets, whereas Seoul, Shanghai, and Hong Kong declined.

European stock markets were mostly trading in positive territory. The US stock markets fell on Tuesday.

“It’s encouraging to see the Sensex break a record despite a number of obstacles on the international front. With the hope that they would mostly meet expectations, we are anticipating the June quarterly results, said Rakeshh Mehta, Chairman of Mehta Equities Ltd.

“Sensex’s ascent to all-time high is consistent with the worldwide stock market surge. The majority of markets are at 52-week highs. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “global markets had corrected discounting a US recession early this year and its impact on global growth and corporate earnings.”

Benchmark Brent crude for all crude oil increased 0.03 percent to USD 75.98 per barrel.

According to exchange statistics, foreign institutional investors (FIIs) sold shares of stock worth Rs 1,942.62 crore on Tuesday.

The 30-share BSE benchmark ended Tuesday’s trading session up by 159.40 points, or 0.25 percent, at 63,327.70. To finish at 18,816.70, the Nifty gained 61.25 points, or 0.33 percent.