June 18th 2024.
On Tuesday, the stock market in Mumbai saw a surge as the Sensex and Nifty reached record high levels. This was mainly due to the strong performance of major companies like ICICI Bank, HDFC Bank, and Infosys, as well as positive trends in global equities. Additionally, the market was boosted by an influx of foreign funds, which gave investors a sense of confidence.
The session was marked by a steady trading range, with the Sensex and Nifty closing at their highest levels ever. This was largely driven by high demand for real estate, consumer goods, and utility stocks. The Sensex, in particular, rose for the fourth consecutive day, reaching a new closing peak of 77,301.14, which was an increase of 308.37 points or 0.40%. At its peak during the session, it had climbed to 77,366.77, an increase of 374 points or 0.48%.
The Nifty also saw a positive trend, closing at a record high of 23,557.90, an increase of 92.30 points or 0.39%. During the session, it reached a new all-time high of 23,579.05, a jump of 113.45 points or 0.48%. This growth was largely influenced by Fitch Ratings' announcement on Tuesday, in which they raised India's growth forecast for the current fiscal year from 7% to 7.2%, citing improved consumer spending and increased investment.
Out of the 30 companies listed on the Sensex, the biggest gainers were Power Grid, Wipro, ICICI Bank, Titan, Mahindra & Mahindra, Axis Bank, HDFC Bank, Infosys, JSW Steel, and State Bank of India. However, there were also some laggards, including Maruti, UltraTech Cement, Tata Steel, Tata Motors, ITC, and Tata Consultancy Services.
In Asian markets, Seoul, Tokyo, and Shanghai all closed with positive gains, while Hong Kong saw a decline. European markets were also trading with gains in mid-session deals, and the US markets ended higher on Monday.
Foreign Institutional Investors were also active in the market, with an investment of Rs 2,175.86 crore on Friday, according to exchange data. In terms of oil, the global benchmark Brent crude saw a slight decline of 0.27% to $84.02 a barrel.
It's worth noting that the equity markets were closed on Monday in observance of Eid-ul-Adha. The previous trading session on Friday also saw a positive trend, with the BSE benchmark rising by 181.87 points or 0.24% to 76,992.77, and the Nifty rallying by 66.70 points or 0.29% to 23,465.60.
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