Image Source : PTI/REPRESENTATIVE Stock markets: Sensex, Nifty at record high in early trade
Stock markets: Benchmark equity indices continued their record-shattering spree on Tuesday, with the Sensex and Nifty hitting their fresh all-time high levels in early trade, amid persistent foreign fund inflows. Also, buying in Bajaj Finance, Bajaj Finserv, Tata Consultancy Services and HDFC twins added to the positive market momentum.
Rallying for the fifth straight session, the 30-share BSE Sensex jumped 381.55 points to hit its all-time peak of 65,586.60 in early trade. The NSE Nifty climbed 90.95 points to reach its fresh record high of 19,413.50.
From the Sensex pack, Bajaj Finance jumped over 6.56 per cent and Bajaj Finserv climbed 3.93 per cent. Wipro, Tata Consultancy Services, Larsen & Toubro, Tech Mahindra, Nestle, ICICI Bank, HDFC and HDFC Bank were the other lead gainers from the pack. Bharti Airtel, Reliance Industries, NTPC, UltraTech Cement, Axis Bank and Tata Steel were among the laggards.
Asian and US markets
In Asian markets, Shanghai and Hong Kong were trading in the green while Seoul and Tokyo quoted lower. The US markets ended in positive territory on Monday. Global oil benchmark Brent crude climbed 0.64 per cent to USD 75.13 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,995.92 crore on Monday, according to exchange data.
“The unabated surge in FPI inflows will keep the market resilient. The sharp U-turn in FPI investment from Rs 34,146 crore of selling in the first two months of this year to Rs 90,986 crore of buying in the last two months has turned the market decisively in favour of bulls.
“The surge in the market during the last 4 sessions was led mainly by the HDFC twins and RIL with some support from ITC. It is important to remember that these stocks have strong and improving fundamentals,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The BSE benchmark had jumped 486.49 points or 0.75 per cent to settle at its all-time closing high of 65,205.05 on Monday. The Nifty climbed 133.50 points or 0.70 per cent to end at a record high of 19,322.55.
ALSO READ: Sensex hits all-time high at 65,000; Nifty trades on 19,000
Rupee gains 4 paise against dollar
Meanwhile, the rupee gained 4 paise to 81.87 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a strong US dollar and surge in crude oil prices capped sharp gains for the local unit, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar and then rose to 81.87, registering a gain of 4 paise over its previous close, as benchmark indices touched all-time highs. In initial trade, the rupee also touched a low of 81.95 against the American currency.
(With inputs from PTI)
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