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Sensex Hits All-Time High, Surpasses 64,000 Mark as Global Stocks Rally

Nifty Achieves New Milestone, Reaches Record-breaking 19,000 Peak Amid Global Stock Market Surge

Sensex Breaks Record at 64,000, Nifty Reaches New High of 19,000 Amid Global Stock Rally

In a remarkable surge, the benchmark equity indices reached unprecedented levels on Wednesday, as the Sensex smashed through the 64,000 mark and the Nifty soared to an impressive peak of 19,000. This upward momentum was fueled by a rally in US and European markets and a fresh influx of foreign funds. The positive trend was further bolstered by substantial buying activity in heavyweight stocks like Reliance Industries and HDFC Bank.

Continuing its upward trajectory from the previous day, the 30-share BSE Sensex leaped 621.07 points to achieve an all-time high of 64,037.10 during afternoon trading. Meanwhile, the NSE Nifty climbed by 193.85 points to reach its lifetime pinnacle of 19,011.25. This surge was primarily driven by institutional buying and active participation from the retail and HNI (High Net Worth Individuals) segments.

Dhiraj Relli, MD & CEO of HDFC Securities Ltd., attributed the record-breaking performance to improving US economic data and indications from China about potential stimulus measures, which significantly boosted market sentiment. This positive sentiment translated into notable gains for major players in the Sensex pack, including NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank, and Power Grid. However, Wipro and Tech Mahindra experienced slower growth during this period.

While Tokyo and Hong Kong registered gains in Asian markets, Seoul and Shanghai faced some downward pressure. On the other hand, European markets traded in positive territory, and the US markets closed significantly higher on Tuesday.

Siddhartha Khemka, Head of Retail Research, Broking and Distribution at MOFSL, highlighted that after several attempts, the Nifty finally managed to surpass its previous highs. This achievement was driven by strong institutional investments, favorable macroeconomic conditions, and robust earnings growth in the domestic market.

In the commodities sector, the global oil benchmark, Brent crude, saw a modest increase of 0.08 percent, reaching USD 72.32 per barrel.

According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday. In the previous session, the BSE benchmark surged by 446.03 points or 0.71 percent, closing at 63,416.03, while the Nifty gained 126.20 points or 0.68 percent, settling at 18,817.40.

The remarkable ascent of the Sensex and Nifty underscores the robustness of the Indian market, fueled by positive global cues, strong institutional flows, and encouraging economic indicators.

Also read this article: “CAD Shrinks to 0.2% of GDP in Q4 FY23, According to RBI Data”

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