SE Sensex went on a high, up by 388.84 points to a lifetime peak of 80,375.64 early in trade
Equity benchmark indices Sensex and Nifty touched lifetime highs in early trade on Thursday, underpinned by a firm positive global market trends, buying in blue chip heavyweights, and fiis solid inflows. The 30-share BSE Sensex jumped 388.84 points to touch a lifetime peak of 80,375.64 in early trade. In another record high, the Nifty surged 114.45 points to close at 24,400.95.
Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services were significant gainers among the Sensex pack. On the other hand, HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel turned out to be laggards.
According to the exchange data, Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Wednesday. “The big FII buying of ₹5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days, imparting resilience to the market. “The FIIs with 3.78 lakh long contracts have taken a ‘U’ turn in their market approach from the big short contracts in early June.
A decline in the U.S. 10-year bond yield to 4.35% and the dollar index declining to 105.29 are positives for fund inflows,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. He added that the market will start responding to the Q1 results, which will start flowing in from next week.
In Asian markets, Tokyo and Seoul traded in the positive territory on Thursday, while Shanghai and Hong Kong were quoting lower. U.S. markets ended higher on Wednesday during the shortened trading session.
The markets are closed on Thursday on account of Independence Day. Global oil benchmark Brent crude fell 0.60% to $86.82 a barrel. On Wednesday, the 30-share Sensex hit the historic 80,000 mark for the first time intra-day trade. It surged 632.85 points or 0.79% to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69% over the last close.