Benchmark Sensex breaching the 81,000 mark for the first time on July 18, 2024. File
| Photo Credit: PTI

Stock markets remained on record-smashing course for the fourth straight day on July 18 with benchmark Sensex breaching the 81,000 mark for the first time and Nifty scaling the record 24,800 level driven by buying in IT, oil&gas and FMCG shares.

Rebounding from its early lows, the 30-share BSE Sensex rose by 626.91 points or 0.78% to settle at a fresh closing high of 81,343.46. The index opened on a weak note and hit a low of 80,390.37 points in early trade.

However buying in IT shares TCS, Infosys and Tech Mahindra and index heavyweight Reliance Industries helped the index pare losses in the afternoon session. The barometer surged 806 points or 0.99% to hit a new record intra-day peak of 81,522.55.

The broader Nifty also pared early losses and climbed 187.85 points or 0.76% to settle at an all-time closing high of 24,800.85. During the day, it zoomed 224.75 points or 0.91% to hit a fresh lifetime high of 24,837.75.

“The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country’s leading IT firms in the June quarter, coupled with a weakening rupee,” Vinod Nair, Head of Research, Geojit Financial Services, said.

Softening U.S. bond yields on growing hopes of a U.S. Fed rate cut by September also boosted FII flows into Indian equities, analysts said.

Among Sensex shares, Tata Consultancy Services rose the most by 3.33%.

Infosys gained 1.93% ahead of the financial results for the June quarter. The IT major after market hours reported a 7% rise in consolidated net profit to ₹6,368 crore for the April-June period and also raised its growth outlook for the current fiscal.

Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were the biggest gainers.

On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards.

In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended lower. European markets were trading higher.

The U.S. markets ended mostly lower on Wednesday.

Global oil benchmark Brent crude dipped 0.14% to $84.96 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,271.45 crore on Tuesday, according to exchange data. Stock markets were closed on Wednesday on account of Muharram.

Benchmark Sensex and Nifty have been on a record-breaking run since Friday. The indices have traded at lifetime high levels in the four straight sessions. Nifty advanced nearly 485 points or 1.98% while Sensex rose by 1446 points or 1.79% since Friday.

Representational image of a traffic signal in the foreground of the Bombay Stock Exchange’s on Dalal Street seems to reflect the mood of the stock markets
| Photo Credit: Paul Noronha

Benchmark stock indices Sensex and Nifty settled at record high levels in their third straight day of gains on Tuesday following buying in FMCG, telecom and select IT shares and FII inflows.

The 30-share BSE Sensex climbed 51.69 points or 0.06% to settle at a new lifetime high of 80,716.55. During the day, it advanced 233.44 points or 0.28% to hit a fresh record high of 80,898.30.

The NSE Nifty went up by 26.30 points or 0.11% to settle at an all-time closing high of 24,613. Intra-day, it rallied 74.55 points or 0.30 to hit a new record peak of 24,661.25.

Sensex and Nifty have been on a record-breaking run since Friday as foreign investors have turned buyers in the Indian equities ahead of the presentation of the Union budget for 2024-25. Encouraging quarterly results by blue-chips have also supported the rally despite high valuation concerns, according to analysts.

Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners.

On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth ₹2,684.78 crore on Monday, according to exchange data.

In Asian markets, Seoul, Tokyo and Shanghai settled higher, while Hong Kong ended lower amid dovish comments from the US Fed Chair Jerome Powell bolstering hopes of a rate cut by September.

European markets were trading lower. U.S. markets ended in positive territory on Monday.

Global oil benchmark Brent crude dipped 0.80% to $84.13 a barrel.

On Monday, the BSE benchmark climbed 145.52 points or 0.18% to settle at a new record high of 80,664.86. The NSE Nifty rallied 84.55 points or 0.35% to settle at an all-time closing high of 24,586.70.

Markets will remain closed on Wednesday for Muharram.

File image used for representational purpose only.
| Photo Credit: Getty Images

The Indian stock market is closed for trading today in observance of Eid-ul-Adha, with trading set to resume on Tuesday, as stated on the National Stock Exchange’s (NSE) official website.

The closure includes all segments, including stocks, derivatives, and SLBs (Securities Lending and Borrowing). Additionally, the Multi Commodity Exchange of India Limited (MCX) is be closed for the morning session but will open in the evening from 5.00 p.m. until either 11.30 p.m. or 11.55 p.m..

Last week, the Nifty-50 Index and the BSE Sensex posted marginal gains of 0.5% each, reaching new all-time highs as market expectations turned more bullish.

The mid-cap index outperformed other segments with a gain of approximately 3.6 percent, and the small-cap index rose by 5%, outperforming the large-cap stocks. This boost in market sentiment indicates a stabilization following the Lok Sabha elections.

Market experts attribute this momentum to better-than-expected fourth-quarter FY24 earnings in several key sectors. From an economic perspective, May’s Consumer Price Index (CPI) inflation was recorded at 4.75%, which is close to April’s figure of 4.83%, while food inflation stood at a higher 8.7%.

Most sectoral indices saw weekly gains, with sectors like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power rising between 1.5% and 5%.

The Bank Nifty experienced only slight gains during the week. In contrast, the IT and FMCG indices each declined by around 1 percent.” Both Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) were net buyers throughout the week. Moving forward, D-Street will focus on macroeconomic trends, inflation, and global developments, including geopolitical concerns,” commented Shrikant Chouhan, Head of Equity Research at Kotak Securities.

In the Asian markets on Monday, Japan’s Nikkei 225 index opened on a bearish note, declining more than 700 points to 38,106.41. Conversely, the markets in Hong Kong saw gains, with the Hang Seng index rising by 100 points to 18,041.60.Taiwan markets also opened with a marginal gain. However, markets in China showed a bearish trend, with the Shanghai Composite Index declined to 3,016 points at the time of filing this report.

Market experts highlight that the upcoming week will likely see a continued focus on macroeconomic factors, inflation rates, and international political developments, all of which could significantly impact market performance. As the Indian market resumes trading on Tuesday, investors will be closely watching for any shifts in these key areas to gauge future market directions.

Stock brokers watch the markets, at a brokerage in Kolkata. Representational image.
| Photo Credit: ANI

Equity benchmark Sensex climbed over 385 points to reclaim the 66,000 mark on Thursday (September 7), propelled by robust buying in index majors HDFC Bank, L&T and SBI amid a weak trend in global equities.

A decline in crude oil prices in the international market also supported the domestic equities, traders said.

Rising for the fifth straight day, the BSE Sensex recovered all the early lost ground and finally closed with a gain of 385.04 points or 0.58% at 66,265.56. During the day, it hit a low of 65,672.34 and a high of 66,296.90.

The Nifty advanced 116 points or 0.59% to settle at 19,727.05.

From the Sensex pack, Larsen & Toubro jumped 4.26% to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro.

Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading in the green in early deals. The US markets ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.72% to $89.95 a barrel.

“The domestic market initially opened with a lacklustre performance, influenced by weak global cues. However, as the day progressed, a decline in U.S. bond yields and crude oil prices injected some positivity into the market.

“This optimism was most prominent in banking stocks. Interestingly, mid-and small-cap stocks managed to retain investor interest even though their valuations are relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market’s outlook,” said Vinod Nair, Head of Research at Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,245.86 crore on Wednesday, according to exchange data.

In the previous session on Wednesday, fag-end buying helped the BSE benchmark climb 100.26 points or 0.15% to settle at 65,880.52. The Nifty advanced 36.15 points or 0.18% to end at 19,611.05.