June 25th 2024.
In a major milestone for the Indian stock market, the Sensex index reached an all-time high of 78,000 points on Tuesday. This historic moment was driven by strong buying in blue-chip bank stocks and Reliance Industries, as well as positive trends in Asian markets. The Sensex closed at 78,053.52 points, a significant increase of 712.44 points or 0.92%, setting a new record for its closing peak.
Throughout the day, the benchmark continued to soar, reaching a peak of 78,164.71 points, a jump of 823.63 points or 1%. The Nifty also saw a significant increase, settling at a record high of 23,721.30 points, up 183.45 points or 0.78%. It even hit a new all-time high of 23,754.15 points, a climb of 216.3 points or 0.91%.
Among the 30 companies on the Sensex, bank stocks such as Axis Bank, ICICI Bank, and HDFC Bank, as well as other major players like Tech Mahindra, Larsen & Toubro, and Bajaj Finserv, were the biggest gainers. However, some companies, including Power Grid, Asian Paints, and Tata Steel, experienced a decline in their stock prices.
In comparison to other Asian markets, which saw positive trends, European markets were trading in the negative territory, while US markets ended on a mixed note on Monday. In other news, the Reserve Bank of India announced that India recorded a current account surplus of $5.7 billion or 0.6% of GDP in the March quarter. This is the first time in ten quarters that the country's external strength has turned into surplus mode, which is a positive development for the market.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, also commented on the market's performance, stating that the current account surplus could potentially reduce pressure on the rupee and attract foreign investors when there is more clarity on the Fed rate cuts.
In terms of commodities, global oil benchmark Brent crude declined by 0.44% to reach USD 85.63 per barrel. As for foreign institutional investors, they offloaded equities worth Rs 653.97 crore on Monday, according to exchange data. In the previous trading session, the BSE benchmark ended 131.18 points or 0.17% higher at 77,341.08, while the Nifty closed at 23,537.85 points, up 36.75 points or 0.16%. These numbers show the continuous growth and positive outlook of the Indian stock market.
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