Indian Stock Market Indices Hit Fresh New Highs! Sensex Above 75K, Nifty At 22,765 -Check Details (canva)
Indian Stock market indices opened Tuesday’s trade on a high note, witnessing fresh highs despite a tepid performance in the US markets on Monday. The buying momentum was particularly notable in IT and auto sectors.
“The hallmark of a bull market is its ability to set new record highs. This has been happening in the mother market US and also in the Indian market. An important feature of the recent rally in India is that it is led by fundamentally strong sectors like capital goods, automobiles, banking and metals. The robustness of the Indian economy, the sustained capital flows into mutual funds and the enthusiasm of domestic investors can support the rally. However, valuations of the Smallcap segment are elevated and unjustified,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Index Records and Movement
The S&P BSE Sensex surged past the monumental 75,000 mark for the first time, hitting a new peak at 75,124. Simultaneously, the broader Nifty50 also attained a fresh high of 22,765. Subsequently, both indices maintained their upward trajectory, trading 0.20 per cent higher.
Market Breadth and Top Performers
The Nifty‘s momentum favored bulls, with 35 stocks trading positively as of now. Top gainers included Hero MotoCorp, Infosys, Tata Motors, Bajaj Finance, and Power Grid, while notable losers comprised Divi’s Laboratories, ONGC, Eicher Motors, Tata Consumer Products, and Reliance Industries.
Stocks in Focus
Several stocks garnered attention at the start of trading, including Infosys, Axis Bank, and Gland Pharma. Infosys witnessed a notable uptick following an upgrade by Bank of America, while Axis Bank remained steady despite a block deal. Conversely, Gland Pharma experienced a downturn amidst reports of stake sales by Nicomac Machinery and RP Advisory Services.
Global Market Trends
The US market’s handover was subdued, with major indices ending marginally lower on Monday. While Dow 30 and S&P 500 saw slight declines, the Nasdaq Composite registered modest gains. In Asia, most indices exhibited positive trends, except for China’s Shanghai Composite, which experienced a minor dip.
Crude Oil Impact and Investor Activity
Crude oil prices showed upward movement, with US WTI oil contracts and Brent oil futures trading at $86.640 and $90.660, respectively. Meanwhile, domestic institutional investors emerged as net buyers, while foreign institutional investors sold Indian equities on Monday.
