Sensex, Nifty hit all-time high levels in early trade
Benchmark stock indices rebounded in early trading on Thursday, with the Sensex and Nifty climbing to all-time highs after a rally in global markets amid moderate US consumer price index inflation data.
Buying in the heavyweight market Tata Advisory Services It also helped the markets to trade in positive territory.
BSE Sensex rose 391.48 points to 65,785.38 points in early trading. The NSE Nifty Index rose by 111.3 points to 19,495.60.
Subsequently, both benchmarks reached all-time highs. Sensex reached a lifetime high of 65,943.57 and Nifty reached an all-time high of 19,540.25.
From Sensex Group, Tata Steel, Tata Consultancy Services, Mahindra & Mahindra, Infosys, JSW Steel, Kotak Mahindra Bank, State Bank of India and HDFC Bank were among the main gainers.
TCS rose 1.62 percent the day after it reported earnings for the June quarter.
The largest in the country the IT services company reported on Wednesday 16.83 per cent increase in net profit for the June quarter to Rs. 11,074 crore, but it sounded cautious about growth prospects for the financial year due to uncertainty in the market.
Power Grid, HCL Technologies, Asian Paints, Hindustan Unilever, Maruti and Nestle were among the laggards.
Shares of HCL Technologies traded down less than 1 percent even after The company recorded a 7.6 percent increase year-on-year In the June quarter net profit on the background of the new system wins.
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.
US markets closed in positive territory on Wednesday.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial, said, “The continued global rally in equity markets will get more moderate support from the recent US consumer inflation for June which came in at 3 per cent, better than the market expectation of 3.1 percent.” services.
inflation data
Retail inflation rose to a three-month high in June on higher prices for kitchen essentials, while factory output expanded at a faster pace of 5.2 percent in May, according to government data released on Wednesday.
Retail inflation based on the consumer price index The Consumer Price Index (CPI) rose to 4.81 percent in June after declining for four consecutive months but remained within the Reserve Bank’s comfortable range.
In India, although CPI inflation for June rose to 4.81 percent, this was expected since vegetable and dairy prices rose. A positive figure is the International Investment Index in May at 5.2 percent, which indicates momentum in growth. The economy is solid,” added Vijayakumar.
Brent crude, the global benchmark, jumped 0.45 percent to $80.47 a barrel.
Prashanth Tapsi, Senior Vice President (Research), Mehta Equities Limited said, “Moderate US CPI inflation data will bring cheers to investors worldwide as this may prompt the Fed to soften its hawkish stance during its rate-setting meeting on the 26th. July”. .
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,242.44 crore on Wednesday after relentless buying, according to exchange data.
The Bahrain Stock Exchange index fell 223.94 points, or 0.34 percent, to settle at 65,393.90 on Wednesday. The Nifty Index fell by 55.10 points, or 0.28 percent, to close at 19,384.30 points.