Stock Market: On Wednesday, the Sensex and Nifty, the two major equity indices, were trading higher despite a negative global outlook. The S&P BSE Sensex was up 230 points to 63,558 at 10:05 a.m. The NSE Nifty, on the other hand, was up 47 points, trading at 18,864. After 137 trading days, the Sensex reached an all-time high, surpassing the previous high of 63,583.10 set on December 1, 2022.
Sensex Closes at 63328 with 159-Point Gain
PowerGrid, L&T, HUL, HDFC Bank, Wipro, and HDFC emerged as the top gainers on the 30-share Sensex platform. Sun Pharma, Tata Motors, Tata Steel, Asian Paints, Bajaj Finance, and Axis Bank were among the companies that suffered setbacks. Among particular equities, Shriram Finance shares were restricted to the 10% upper circuit following early block deals in which more than 8% equity changed hands. Those of Piramal Enterprises, which is most likely to sell its whole interest in Shriram Finance, were likewise restrained at the 10% upper circuit. The S&P BSE MidCap and SmallCap indices increased 0.97 percent and 0.7%, respectively, in the larger markets. Sectorally, the real estate market is dominating, while metals are struggling. The BSE Sensex closed at 63,328 on Tuesday, up 159 points, while the NSE Nifty50 recaptured the 18,800-mark and ended the day higher by 61 points at 18,817.
Tokyo Gains, Seoul, Shanghai, and Hong Kong Decline; Brent Crude Prices Rise
It’s crucial to realise that this is a worldwide rally, with most markets, including those in the US, the Eurozone, Japan, South Korea, and Taiwan, trading near 52-week highs.Even when global economy is weak, markets around the world are bullish. This bullish tendency is due to the fact that the US recession that markets had predicted for last year never materialised and there are signs that the US might avoid one. Thus, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the markets are correcting the incorrect discounting from last year. Tokyo was trading higher on Asian markets, while Seoul, Shanghai, and Hong Kong were trading lower. The US stock markets fell on Tuesday. Benchmark Brent crude prices increased by 0.26% to $76.09 per barrel. According to exchange statistics, foreign institutional investors (FIIs) sold shares of stock worth Rs 1,942.62 crore on Tuesday. Along with the strengthening dollar and the outflow of foreign money from domestic equities, the rupee lost 1 paisa in early trade on Wednesday to trade at 82.10. The local currency also suffered from an increase in crude price, according to FX brokers. The domestic unit at the interbank foreign exchange started off lower at 82.13 but recovered further to reach its peak of 82.07. The exchange rate thereafter became flat and fell 1 paisa from its previous closing to trade at 82.10 against the dollar. The rupee’s exchange rate versus the dollar on Tuesday was 82.09.
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