History was made on the Indian stock exchanges as the benchmark Sensex soared past the 75,000 mark, setting a new record. The Sensex, after climbing a substantial 354 points, closed at an all-time high of 75,038.15. Earlier in the day, it had touched an even higher peak, reaching 75,105.14, up by 421.44 points or 0.56%.
The advancement didn’t stop with just the Sensex. The broader Nifty of the National Stock Exchange (NSE) also reached unprecedented heights, advancing by 111.05 points or 0.49%, to celebrate its own record close of 22,753.80. It too had a moment of intra-day glory, scaling a lifetime high of 22,775.70, following an increase of 132.95 points or 0.58%.
The uptick in the key indices on Wednesday followed a dip the previous day, when despite hitting intra-day lifetime highs, both Sensex and Nifty closed in the red due to a sell-off in heavyweight Reliance Industries among others. Tuesday’s session saw the Sensex shed 58.80 points or 0.08% to end at 74,683.70, while the Nifty dipped by 23.55 points or 0.10% to 22,642.75.
“Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts,” remarked Vinod Nair, Head of Research at Geojit Financial Services. Market participants meanwhile kept a keen eye on the global economic cues, awaiting the outcome of the FOMC minutes and the US inflation data slated for release later in the day.
From the elite club of the Sensex, there were several standout performances. ITC, Kotak Mahindra Bank, Bharti Airtel, State Bank of India, Asian Paints, Tech Mahindra, Reliance Industries, and Nestle emerged as the leading gainers. On the flip side, Maruti, HDFC Bank, Larsen & Toubro, and Mahindra & Mahindra experienced some slippage.
Sector-wise, FMCG, metals, and energy led the charge with the most substantial gains, as observed by Ajit Mishra, SVP – Technical Research at Religare Broking Ltd. The broader indices recuperated from a brief stagnation experienced over the previous two days, with gains spanning from 0.7 to 0.9%.
Turning our gaze to the Asian markets, there was a mixed close with Tokyo and Shanghai ending on a lower note whereas Hong Kong finished in the green. South Korean markets remained closed, observing the day for elections. In contrast, European markets showed a buoyant mood trading in the green, and Wall Street had mostly ended Tuesday’s session with gains.
In the commodities market, the global oil benchmark Brent crude experienced a slight increase climbing 0.18% to $89.58 per barrel.
Foreign Institutional Investors (FIIs) were in a selling mood on Tuesday, as exchange data revealed an offload worth ₹593.20 crore in equities. Their movements are closely watched as they can significantly influence market directions.
As the Indian stock market continues its bullish ascent setting new records, investors balance their optimism with a watchful eye on international market trends and economic data. The Sensex breaching the 75,000 mark symbolizes not just a numerical milestone but reflects growing investor confidence and a robust economic undercurrent propelling the country’s financial markets to greater heights.
