The BSE Sensex, India’s benchmark index, achieved a historic milestone by closing above the 66,000 mark for the first time. This record-breaking performance was driven by strong buying in IT stocks and fresh foreign fund inflows. The positive sentiment in global equity markets also contributed to the market’s winning streak for a second consecutive day.
The 30-share BSE Sensex surged by 502.01 points or 0.77%, settling at a new all-time closing high of 66,060.90. It reached an intra-day peak of 66,159.79, a gain of 600.9 points or 0.91%.
The NSE Nifty, another key index, rose by 150.75 points or 0.78% to reach a new record high of 19,564.50. It recorded an intra-day peak of 19,595.35, marking a jump of 181.6 points or 0.93%.
Among the gainers in the Sensex pack, Tata Consultancy Services saw a surge of over 5%, while Tech Mahindra rallied 4.51%. Other major gainers included Infosys, HCL Technologies, Wipro, Tata Steel, Nestle, Asian Paints, Larsen & Toubro, and Hindustan Unilever.
However, there were a few laggards, including Mahindra & Mahindra, Power Grid, Titan, Maruti, UltraTech Cement, NTPC, and Axis Bank.
In Asian markets, Seoul, Shanghai, and Hong Kong closed in the green, while Tokyo settled lower. European equity markets were mostly trading with gains, and the US markets ended in positive territory on Thursday.
India witnessed a decline in wholesale price-based inflation, which reached (-) 4.12% in June due to easing prices of food, fuel, and manufactured items.
Foreign Institutional Investors (FIIs) turned buyers on Thursday, investing in equities worth ₹2,237.93 crores, following a day of pause, as per exchange data.
Vinod Nair, Head of Research at Geojit Financial Services, highlighted that controlled inflation in the US has boosted investor optimism that a 25-bps rate hike would be sufficient to stabilize the US economy. This positive outlook, coupled with consecutive months of decreased wholesale prices in India and the involvement of FIIs, contributed to the strong buying of Indian IT stocks despite muted Q1 earnings.
The global oil benchmark, Brent crude, saw a slight dip of 0.09% to reach USD 81.29 per barrel.
On Thursday, the BSE benchmark ended 164.99 points or 0.25% higher at 65,558.89, while the Nifty increased by 29.45 points or 0.15% to reach 19,413.75.
