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09/07/24 | 5:41 pm

Sensex, Nifty close at record highs

Indian benchmark indices closed at fresh all-time highs on Tuesday.

The Sensex rose 391.26 points, or 0.49 percent, to 80,351.64, while the Nifty climbed 112.70 points, or 0.46 percent, to end at 24,433.20.

Among the sectoral indices, shares of the banking sector, auto, financial services, FMCG, media, pharma, PSU banks, private banks, realty, healthcare, consumer durables, and mid-small healthcare saw gains during the day’s trade. IT stocks and those of oil and gas firms remained in the red.

The top gainers were Maruti Suzuki, Mahindra & Mahindra, Divis Laboratories, Titan, and Hindalco. Reliance, Tata Communications, Bajaj Finance, ONGC, and Shriram Finance were the top losers on the Nifty.

In broader indices, the BSE MidCap and SmallCap indices rose by 0.3 percent and 0.2 percent, respectively. Most sectors showed positive movement, with Nifty PSU Bank leading with a substantial gain of nearly 2 percent, followed by auto, which rose by 1.15 percent. However, oil and gas declined by 0.29 percent.

The Sensex has risen 11.18 percent since last year, while the Nifty has climbed 12.38 percent.

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

Varun Aggarwal, MD of 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 24,400 and 24,320 and face resistance around 24,500 and 24,570 in the next session,” said VLA Ambala, Co-Founder of Stock Market Today.

(With ANI input)

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