After steady Monday, Indian stock indices touch another lifetime highs

Business Wednesday 10/July/2024 06:12 AM
After steady Monday, Indian stock indices touch another lifetime highs

Mumbai: Having closed flat on Monday, the Indian benchmark indices closed in the green after they touched a fresh all-time high during the day's trade. Sensex touched a new all-time high at 80,397, up over 400 points.

The Nifty50 closed at 24,417.55, up 97.00 points or 0.40 per cent having earlier reached a new high of 24,443.60 during the day. Similarly, the Sensex ended at 80,270.21, marking an increase of 309.83 points or 0.39 per cent after hitting a high of 80,397.17.

Among the sectoral indices at the National Stock Exchange (NSE), the stocks of the banking sector, auto, financial services, FMCG, media, pharma, PSU banks, private banks, realty, healthcare, consumer durables, and mid-small healthcare traded in the green territory during the day's trade. IT stocks and that of oil and gas firms remained in the red.

The top gainers during the day's trade at NSE were Maruti, Mahindra, and Mahindra, Divis Laboratories, Titan and Hindalco. Reliance, Tata Communications Bajaj Finance, ONGC, and Shriram Finance remained the top losers during the trade.

In broader indices, the BSE MidCap and SmallCap indices rose by 0.3 per cent and 0.2 per cent, respectively. Most sectors showed positive movement, with Nifty PSU bank leading with a substantial gain of nearly 2 per cent, followed by auto which rose by 1.15 per cent. However, oil & gas was a notable underperformer, declining by 0.29 per cent.
The Sensex has risen 11.18 per cent since the last year, while the Nifty has climbed 12.38 per cent.

Furthermore, equity mutual funds saw robust inflows, reaching Rs 40,608 crore in June, up 17 per cent from May's Rs 34,697 crore. The positive monsoon outlook has also bolstered Indian agrochemical stocks.

Commenting on the market's activity on Tuesday, Varun Aggarwal MD, Profit Idea, said "Looking ahead, market attention is shifting towards corporate earnings reports, expected to commence this week. Sectors like Auto and BFSI are anticipated to drive earnings growth, contrasting with challenges faced by global cyclicals such as oil and gas and cement."

"PM Narendra Modi's recent visit to Russia could add positive sentiments in the market, especially in the oil and defence industries. Considering these aspects, we can expect Nifty to gain support between 24400 and 24320 and face resistance around 24500 and 24570, in the next session," said VLA Ambala, Co-Founder, of Stock Market Today.