Market indices hit fresh peaks; Sensex breaches 67,000-mark in intra-day trade

Equity benchmark indices Sensex and Nifty continued their record-breaking rally for the fourth day on Tuesday

Mumbai: Equity benchmark indices Sensex and Nifty continued their record-breaking rally for the fourth day on Tuesday, reaching new all-time high closing levels, amid fresh foreign fund inflows and a positive trend in the US and European markets.

Robust buying in IT major Infosys also contributed to the domestic benchmark indices optimism.

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The 30-share BSE Sensex climbed 205.21 points or 0.31 per cent to settle at its new all-time closing high of 66,795.14. During the day, it jumped 417.09 points or 0.62 per cent to reach its record intra-day peak of 67,007.02. The benchmark breached the 67,000-mark for the first time ever in intra-day trade.

The NSE Nifty gained 37.80 points or 0.19 per cent to end at its all-time closing high of 19,749.25. During the day, the benchmark rallied 108 points or 0.54 per cent to hit its lifetime peak of 19,819.45.

From the Sensex pack, Infosys jumped the most by 3.67 per cent. Asian Paints, HCL Technologies, Reliance Industries, ICICI Bank, Wipro, NTPC, Tech Mahindra, Bajaj Finserv and Larsen & Toubro were among the other major gainers.

State Bank of India, Bajaj Finance, Titan, Tata Steel, Tata Motors and UltraTech Cement were among the laggards.

“The bulls continued to lift the market to new heights, but volatility emerged in the second half due to concerns over valuation. Rapid fall in the dollar index and a slide in the US 10-year yield are supporting liquidity in emerging markets. While disappointing economic growth in China and improvement in the US market outlook are drawing attention to the Indian market,” Vinod Nair, Head of Research at Geojit Financial Services, said.

In the broader market, the BSE smallcap gauge declined 0.47 per cent and midcap index dipped 0.18 per cent.

Among the indices, IT jumped 1.15 per cent, teck rallied by 1.13 per cent, power (0.57 per cent), industrials (0.27 per cent) and utilities (0.19 per cent).

However, metal declined by 0.92 per cent, realty fell by 0.85 per cent, telecommunication dipped 0.67 per cent, commodities went lower by 0.64 per cent and consumer durables slipped 0.56 per cent.

“Market is flush with FII inflows, which is the major driving force behind the rally in benchmark indices. While the market may be in an overbought zone, the undertone remains bullish due to India’s strong economic performance and hopes that the US rate hike cycle could be nearing the end on the back of moderating inflation.

“However, technically, intra-day correction formation is indicating that a range bound activity is likely to continue in the near future,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said.

In Asian markets, Tokyo settled in the green, while Seoul and Shanghai ended lower.
Equity markets in Europe were trading mostly in the green. The US markets ended in the positive territory on Monday.

Global oil benchmark Brent crude climbed 0.31 per cent to USD 78.74 a barrel.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 2,115.84 crore on Tuesday, according to exchange data.