June 14th 2024.
In a remarkable feat, the Sensex and Nifty, the leading benchmark indices in Mumbai, reached their new record highs on Friday. This was driven by strong buying activity from major players such as HDFC Bank, Reliance Industries, and Mahindra & Mahindra, buoyed by the positive outlook on exports.
This marked the third consecutive session of gains for the Sensex, which rose by 181.87 points or 0.24% to reach a new closing peak of 76,992.77. It even surged to an intra-day high of 77,081.30, gaining 270.4 points or 0.35%. Similarly, the Nifty also saw a significant increase of 66.70 points or 0.29%, hitting a record closing high of 23,465.60. At one point during the day, it even reached a new all-time high of 23,490.40.
The top performers among the 30 companies listed on the Sensex were Mahindra & Mahindra, Titan, HDFC Bank, Reliance Industries, UltraTech Cement, Bajaj Finance, Axis Bank, Tata Motors, and Asian Paints. However, a few companies such as Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies, Larsen & Toubro, and State Bank of India experienced a dip in their stock prices.
The positive momentum in the market was further supported by the encouraging export data released by the government on Friday. According to the data, India's merchandise exports in May 2024 saw a 9% increase to $38.13 billion, compared to $34.95 billion in the same month last year. Imports also showed a growth of 7.7%, rising from $57.48 billion in May 2023 to $61.91 billion in May 2024.
Meanwhile, in other Asian markets, Seoul, Tokyo, and Shanghai closed higher, while Hong Kong ended on a lower note. European markets, on the other hand, were trading lower during mid-session deals. In the US, the market closed with a mixed performance on Thursday.
The exchange data showed that Foreign Institutional Investors offloaded equities worth Rs 3,033 crore on Thursday. In terms of oil prices, the global benchmark Brent crude saw a slight dip of 0.12% to reach $82.65 per barrel.
The previous day, the Sensex had recorded a significant jump of 538.89 points or 0.70%, hitting its all-time high of 77,145.46. It eventually closed at 76,810.90, rising by 204.33 points or 0.27%. Similarly, the Nifty witnessed a growth of 75.95 points or 0.33%, settling at 23,398.90.
Overall, the market has been showing strong signs of growth and optimism, with investors and companies alike expecting positive outcomes in the coming days.
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