New record highs: Sensex surges over 500 points; Nifty closes at new peak – Times of India
The benchmark index BSE sensex surged by 529.03 points or 0.80%, closing at a new all-time high of 66,589.93. Throughout the day, it reached a peak of 66,656.20, gaining 595.31 points or 0.90%.
Similarly, the NSE Nifty climbed by 146.95 points or 0.75% to reach a fresh record high of 19,711.45. It also achieved an intra-day high of 19,731.85, rallying 167.35 points or 0.85% during the day.
Eleven out of thirteen major sectoral indexes recorded gains, with financials, a high-weightage sector, leading the way with a 1.25% increase. HDFC Bank, the largest stock in the Nifty 50 following its merger with HDFC, saw a rise of over 2% in response to its improved June quarter profit.
Reliance Industries also climbed 2%. Analysts anticipate further gains for the conglomerate due to the demerger of its financial services unit, set to take effect on July 20.
The market rally extended to the broader markets, with small-cap and mid-cap stocks reaching new 52-week and all-time highs, respectively.
“Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result,” Vinod Nair, head of Research at Geojit Financial Services, told PTI.
G Chokkalingam, the managing director for research at Equinomics Research, expressed high optimism for domestic equities, citing strong foreign inflows and a moderation in U.S. inflation as contributing factors.
Foreign portfolio investors have purchased Indian equities worth 306.60 billion rupees in the first half of July, and they are on track to extend their buying streak for the fifth consecutive month.
Asian and European equities, however, remained subdued following China’s lower-than-expected GDP growth rate for the June quarter.
In individual stock movements, Zee Entertainment surged over 6% and contributed to a 3.15% rise in the media index. This followed the establishment of an interim committee to oversee operations after the market regulator restricted CEO Punit Goenka from holding key managerial positions in listed companies for one year.
Oil & Natural Gas Corporation experienced a decline of nearly 2% after the government raised the windfall tax on petroleum crude over the weekend.
(With inputs from agencies)
For all the latest business News Click Here