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Business

Sensex Opens at Record High, Nifty Above 23,500

Sensex and Nifty Hit Record Highs as Weak US Retail Sales Fuel Rate Cut Hopes

Indian shares soared to new heights today, with key indexes hitting record levels at the opening. This boost came after weak US retail sales data increased hopes for an early rate cut by the Federal Reserve. The NSE Nifty 50 rose by 0.31% to reach 23,629.85, and the S&P BSE Sensex also climbed 0.31%, landing at 77,543.22. Almost all major sectors saw gains, with 46 out of 50 companies in the Nifty 50 advancing.

Small- and mid-cap stocks also performed well, increasing by 0.5% and 0.35%, respectively, and reaching all-time highs. This follows a strong performance on Wall Street, where the S&P 500 and Nasdaq Composite closed at record highs due to the weak US retail sales data suggesting lower inflation.

The chances of a rate cut in September have now increased to 61.1% from 56.7%.

Top Gainers in Sensex
Among the top 30 Sensex companies, IndusInd Bank, ICICI Bank, JSW Steel, Axis Bank, Kotak Mahindra Bank, Infosys, Tata Consultancy Services, and HDFC Bank were the biggest winners. On the other hand, Titan, NTPC, Power Grid, and Bajaj Finance saw declines.

Asian Markets
In Asia, stock markets in Seoul, Tokyo, and Hong Kong were up, while Shanghai saw a slight dip.

Foreign Investments
Foreign Institutional Investors (FIIs) purchased Indian equities worth ₹2,569.40 crore on Tuesday.

Tuesday’s Stock Market Close
On Tuesday, the BSE benchmark rose by 308.37 points, or 0.40%, closing at a new high of 77,301.14. The Nifty increased by 92.30 points, or 0.39%, finishing at a record closing high of 23,557.90.

Source.

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Business

Sensex Soars: Record Highs with 955 Points Gain

Record-Breaking Surge: Indian Stock Market Hits All-Time Highs with Sensex Up by 955 Points

In today’s trading, the stock market in India reached a new all-time high. The BSE Sensex, which includes 30 major stocks, went up by 955 points, reaching a record of 70,540. The broader NSE Nifty index also increased by 263 points, hitting a new high of 21,189.55.

Not only the major stocks but also smaller and mid-sized ones saw positive movements. The Nifty Midcap 100 rose by 0.84%, and small-cap stocks gained 1.13%. The India VIX, an index indicating market fear, went up by 3.23% to 12.46.

This surge is attributed to the rise in shares of IT companies, which make a significant portion of their revenue from the US. This comes after the Federal Reserve mentioned progress in easing inflation while keeping interest rates steady.

In the global market, Asian markets mostly showed positive trends, and Wall Street equities gained in the previous session.

Foreign portfolio investors (FPIs) bought Indian shares worth Rs 4,710.86 crore, while domestic institutional investors (DIIs) sold shares worth Rs 958.49 crore.

Among the 15 sector gauges compiled by the NSE, 12 were trading positively. Sectors like IT, Banking, and Financial Services outperformed, while Pharma, Healthcare, and Media sectors faced declines.

On a stock-specific note, Tech Mahindra led the gains in the Nifty pack, rising by 3.73%. Other gainers included HCL Tech, LTIMindtree, Wipro, and Bajaj Finance.

However, some stocks, such as PowerGrid, BPCL, Cipla, Nestle India, and Sun Pharma, faced declines.

The market breadth was positive, with 2,199 shares advancing and 765 declining on BSE. Notable gainers on the BSE index included HDFC Bank, ICICI Bank, Infy, Reliance Industries, Tata Consultancy Services, Axis Bank, and Bajaj Finance.

Additionally, Sonata Software, Mastek, Adani Total Gas, Mphasis, HUDCO, Adani Green, Manappuram Finance, and Zensar Technologies saw significant surges, while Chambal Fertilisers, Hindustan Zinc, Nippon Life India Asset Management, and Vedant Fashions faced declines, falling up to 2%.

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