Sensex reaches new peak by climbing 391 points, Nifty also hits new record

The Uncut

Mumbai. The local stock markets returned to a rally on Tuesday and the BSE Sensex jumped 391 points to close at a new record high. The NSE Nifty also reached a new peak due to buying in shares of automobile and fast moving consumer goods (FMCG) companies and capital inflow from foreign institutional investors (FIIs).

The 30-share BSE Sensex rose 391.26 points, or 0.49 percent, to close at its highest level of 80,351.64 points. During trading, at one point it rose 436.79 points to a record high of 80,397.17 points. The National Stock Exchange’s Nifty also closed at a new peak of 24,433.20 points, or 0.46 percent. During trading, it rose 123.05 points to a record high of 24,443.60 points.

Among the Sensex companies, Maruti Suzuki India’s stock rose by more than six percent. The company’s stock rose amid reports of free registration of hybrid vehicles (running on both petrol and electric motors) to promote environmentally friendly vehicles in Uttar Pradesh. Apart from this, Mahindra & Mahindra, Titan, Sun Pharma, ITC, Nestle and Tata Motors were also major gainers.

On the other hand, stocks that remained in loss include Reliance Industries, Kotak Mahindra Bank, Bajaj Finance and JSW Steel.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Both domestic and global factors are guiding the market. At present, consumption-based industries like FMCG and automobile are leading this rally and it is getting support from monsoon and Kharif sowing.”

Nair said that the continued flow of foreign investors is also having a positive impact. However, investors are now waiting for the financial results of the companies for the April-June quarter and this can determine the direction of the market. In the broader market, the BSE Midcap index rose 0.36 percent while the Smallcap registered a gain of 0.22 percent. Amid the boom in the market, the total market capitalization of companies listed on the BSE rose to an all-time high of Rs 451.27 lakh crore.

In other Asian markets, South Korea’s Kospi, Japan’s Nikkei and China’s Shanghai Composite were in profit, while Hong Kong’s Hang Seng was in loss. There was a downward trend in the early trade in major European markets. US markets were more or less in the green on Monday. Global oil benchmark Brent crude fell 0.51 percent to $ 85.31 per barrel. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 60.98 crore on Monday. There was a marginal decline of 36.22 points in the BSE Sensex and 3.30 points in the NSE Nifty on Monday.

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