New Delhi: Benchmark stock indices Sensex and Nifty settled at new highs on Tuesday, rallying for the sixth consecutive session amid heavy buying in power and utility sector shares. The 30-share BSE Sensex jumped 431.02 points or 0.63 percent to close at a new record high of 69,296.14. The broader Nifty also rose 168.50 points, or 0.81 percent, to touch a lifetime high of 20,855.30.
The market capitalization of BSE-listed companies rose by over Rs 2.5 lakh crore to cross Rs 350 lakh crore on Tuesday. (Also Read: Highest Paid Indian CEOs & Their Educational Qualifications – Check)
Analysts said the positive sentiment was fueled by strong sentiment built on favorable macroeconomic data in the previous week and unabated inflows of foreign funds on the back of assembly election results in Madhya Pradesh, Rajasthan and Chhattisgarh that raised expectations of prolonged political stability. in the country. (Also Read: Accent Microcell IPO: Check Subscription Date, Price Band, Issue Price & More)
Also, investors expect the Reserve Bank to keep interest rates steady in its bi-monthly monetary policy decision to be announced on Friday, they said.
Among the major Sensex movers, Power Grid gained the most at 4.46 percent, NTPC at 3.89 percent, SBI at 2.31 percent and ICICI Bank at 2.28 percent. Other gainers include Mahindra & Mahindra, Titan and Maruti.
On the other hand, Hindustan Unilever, HCL Tech, and Bajaj Finance trailed with losses of up to 1.49 percent. Over 20 stocks of the 30-share benchmark closed with gains, while among Nifty firms, 32 stocks registered gains.
Foreign institutional investors bought shares worth Rs 2,073.21 crore on Monday, according to exchange data.
“Domestic markets extended gains and hit fresh highs despite caution among global peers ahead of key US jobs data this week. The glow of state election results and other positive factors such as expected earnings and GDP growth data are supporting its rebound. FII flows into Indian markets,” Vinod Nair, head of research at Geojit Financial Services said.
“RBI’s monetary policy meeting is expected to remain unchanged. However, commentary on economic growth, foodgrain prices and inflation trajectory will be closely monitored,” he added.
Meanwhile, in Asian markets, the Hang Seng and Nikkei 225 were trading 2.07 percent and 1.37 percent lower, respectively, while China’s Shanghai Composite was trading 1.67 percent lower.
European markets were mixed. Germany’s DAX gained 1.51 percent and France’s CAC 40 gained 0.69 percent. London’s FTSE 100 fell 0.22 percent. US markets ended Monday with the S&P 500 registering a 0.54 percent loss on a mixed note.
Meanwhile, global oil benchmark Brent crude rose 1 percent to USD 78.81 a barrel. On Monday, the 30-share BSE Sensex jumped 1,383.93 points or 2.05 percent to close at a lifetime high of 68,865.12.
The barometer posted its biggest one-day jump since May 20, 2022. The Nifty rose 418.90 points, or 2.07 percent, to 20,686.80.
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