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Sensex, Nifty at fresh highs

Better Q1 show, FII buying propel key indices to record levels; Indian market exhibited resilience to China’s underwhelming GDP data; Mcap on BSE touches all-time high of Rs303.59 lakh cr

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Sensex, Nifty at fresh highs
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18 July 2023 10:11 AM IST

Mumbai Benchmark Sensex and Nifty rallied for a third day in a row to close at fresh lifetime high levels on Monday following buying in banking and oil stocks and FII inflows. Analysts said the first quarter results by Indian companies have been mostly in line with expectations, triggering a rally in local equities despite mixed global cues.

The 30-share BSE Sensex jumped 529.03 points or 0.80 per cent to settle at its new all-time closing high of 66,589.93. During the day, it climbed 595.31 points or 0.90 per cent to hit its lifetime intra-day peak of 66,656.20. As many as 18 Sensex shares closed in the green while 12 declined. The NSE Nifty also soared by 146.95 points or 0.75 per cent to close at a new record high of 19,711.45. During the day, it rallied 167.35 points or 0.85 per cent to its record intra-day high of 19,731.85.

“Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result,” said Vinod Nair, Head of Research at Geojit Financial Services. “The sharp surge in the banking index after a pause in the IT pack reaffirms our bullish view and we are eyeing Nifty to gradually inch towards a new milestone i.e. 20,000 mark,” Ajit Mishra, SV-P (technical research), Religare Broking Ltd.

As many as 288 stocks hit their 52-week highs in the record rally while 18 stocks hit their upper circuit limits. Foreign institutional investors (FIIs) were buyers on Friday as they bought equities worth Rs 2,636.43 crore, according to exchange data. From the Sensex pack, State Bank of India rose the most by 2.82 per cent.

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