Mumbai. On Tuesday, the major stock index Sensex crossed the historic 78,000 mark for the first time due to buying in shares of big companies including Reliance Industries amid strong trend in Asian markets. At the same time, the National Stock Exchange’s Nifty also reached a new all-time high.
During this period, the 30-share BSE Sensex jumped 712.44 points or 0.92 percent to close at 78,053.52 points. During the day’s trading, the Sensex rose 823.63 points or one percent to reach a new all-time high of 78,164.71 points. The Nifty rose 183.45 points or 0.78 percent to close at a record high of 23,721.30. During trading, the Nifty rose 216.3 points or 0.91 percent to reach 23,754.15 points.
Among the Sensex companies, Axis Bank, ICICI Bank, HDFC Bank, Tech Mahindra, Larsen & Toubro, Bajaj Finserv, State Bank of India, Reliance Industries and Infosys made significant gains. On the other hand, Power Grid, Asian Paints, Tata Steel, Nestle, Maruti and JSW Steel declined. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng closed with gains. On the other hand, China’s Shanghai Composite remained in loss.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, “The rally in banking stocks pushed the Nifty to a record high for the 34th time this year, although many other sectors closed lower.” In the broader market, the BSE Midcap index fell 0.26 percent, while Smallcap fell 0.03 percent. Sector-wise, banks rose 1.87 percent, financial services 1.45 percent, IT 0.53 percent, capital goods 0.28 percent and technology stocks 0.43 percent.
On the other hand, realty fell by 1.82 percent, power by 1.05 percent, utility by 0.95 percent, metal by 0.84 percent and telecom by 0.28 percent. Major European markets remained weak in early trade. US markets closed with a mixed trend on Monday. The Reserve Bank of India said on Monday that India recorded a current account surplus of $5.7 billion or 0.6 percent of GDP in the March quarter.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The positive news from the market point of view is that the current account deficit has turned into a surplus in the fourth quarter of FY 2023-24. This will reduce the pressure on the rupee and the way will be clear for FIIs to come after clarity on the Federal Reserve’s rate cut.” Global oil benchmark Brent crude was down 0.44 per cent at $85.63 a barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 653.97 crore on Monday.