Sensex hits all-time high; Nifty settles at a record close

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India standard Sensex The stock index hit a record high on Wednesday, instead Nifty 50 It posted a new closing high amid continued foreign inflows into Indian stocks supported by the country’s strong growth prospects.

The S&P BSE Sensex Index hit an all-time high of 63,588.31 before giving up some gains to close at 63,523.15.

Although the Sensex index has risen more than 4 percent so far this year, it is still below the performance of the indices of countries such as Japan, Taiwan, South Korea, Vietnam and Sri Lanka. But Sensex was the first benchmark to hit a record high this year.

The Nifty index rose 0.21 percent to 18,856.85, a record close.

“After a consolidation of nearly eight months, the Sensex has reached an all-time high,” said Amar Ambani, Head of Institutional Equities at YES Securities.

“If the monsoon does not play a spoiler, 2023 will be a strong year for Indian stocks. FPI money should continue to flow into India.”

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foreign investors 73,812 crore has been injected so far in this financial year. They were net sellers in the previous two financial years, with a record outflow of INR 1,40,010 crore in FY22.

Economic growth in India Accelerated in the March quarterwhile Inflation has cooledwhich shows that the country remains one of the fastest growing emerging economies.

On Wednesday, nine out of 13 major sectoral indices advanced, with the heavyweight financial indices gaining 0.68 percent.

The broader indices extended their gains, with medium capital gaining 0.81 percent and reaching a new high and the small business index to a 52-week high.

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Among individual stocks, Shriram Finance jumped more than 11 percent and set a record high after Piramal Enterprises. It sold its entire stake of 8.34 percent In the company.

Meanwhile, the markets waited for US Federal Reserve Chairman Jerome Powell’s testimony before the US House of Representatives Finance Committee.