Benchmark fairness indices continued their rally on July 3, with the BSE Sensex breaching the 65,000 mark for the first time ever, propelled by bullish international market traits and overseas fund inflows.
| Photo Credit: Paul Noronha
Benchmark fairness indices continued their rally on July 3, with the BSE Sensex breaching the 65,000 mark for the first time ever, propelled by bullish international market traits and overseas fund inflows.
Rallying for the fourth straight day, the 30-share BSE Sensex jumped 449.46 factors to hit its all-time peak of 65,168.02 in early commerce. The NSE Nifty climbed 128.95 factors to achieve its lifetime high of 19,318.
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, ExtremelyTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank had been the key gainers.
Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank had been among the many laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong had been buying and selling within the inexperienced.
The U.S. markets ended considerably greater on June 30.
Global oil benchmark Brent crude dipped 0.01 per cent to $75.41 a barrel.
Foreign Institutional Investors (FIIs) purchased equities value ₹6,397.13 crore on June 30, in accordance with alternate information.
GST collections crossed ₹1.60 lakh crore mark for the fourth time for the reason that roll-out of the oblique tax regime, rising 12% to over ₹1.61 lakh crore in June, the Finance Ministry stated on July 1.
The BSE benchmark had jumped 803.14 factors or 1.26% to settle at its lifetime closing high of 64,718.56 on June 30. The Nifty climbed 216.95 factors or 1.14% to finish at a file high of 19,189.05.
“The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the US economy (2% GDP growth in Q1 2023), in spite of the savage 500 bp rate hike by the Fed. Global markets, which had discounted a U.S. recession by mid-2023, have been proved wrong and the markets are now compensating for the excessive pessimistic discounting in 2022,” V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
Sustained FPI flows (₹47,148 crore in June) is the principle driver of the rally in India, Mr. Vijayakumar added.
