Sensex, Nifty close at all-time highs on gains in HDFC twins, Reliance Inudstries

The Bombay Stock Exchange (BSE) logo is seen at the BSE building in Mumbai.
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty rallied to close at all-time highs on Wednesday following buying in index majors HDFC twins and Reliance Industries. Positive trends in European markets also added to the momentum in domestic equities.

Rising for a second straight day, the 30-share BSE Sensex climbed 195.45 points or 0.31% to settle at a record high of 63,523.15. During the day, it jumped 260.61 points or 0.41% to its all-time intra-day peak of 63,588.31. On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07.

The NSE Nifty advanced 40.15 points or 0.21% to end at its lifetime closing peak of 18,856.85. The stock touched an intra-day high of 18,875.90 following gains in financials, IT and power shares.

From the Sensex pack, Power Grid rose the most by 3.68%. HDFC Bank rose by 1.71%, HDFC by 1.66%, Tech Mahindra by 1.13%, and Tata Consultancy Services by 0.94%. Wipro, Reliance Industries and Larsen & Toubro were among the gainers.

Mahindra & Mahindra fell the most by 1.59%, followed by ITC, IndusInd Bank, Axis Bank, Bajaj Finance and Maruti.

“It’s a pleasure to see Sensex reaching a new all-time high in spite of several challenges from the global front. We are waiting for the June quarterly results to trickle in with hopes that it would be by and large in sync with expectations,” said Rakeshh Mehta, Chairman, Mehta Equities Ltd.

“Sensex rallying to all-time-high is in tune with the global rally in stock markets. Most markets are at 52- week highs. Last year, global markets had corrected discounting a US recession early this year and its impact on global growth and corporate earnings,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

In the broader market, the BSE midcap gauge climbed 0.68% and smallcap index gained 0.24%.

Among the indices, utilities jumped 1.19%, services climbed 1.18%, power (1.08%), telecommunication (0.81%), financial services (0.60%) and oil & gas (0.57%).

Commodities, industrials, auto, metal and realty were the laggards.

S Ranganathan, Head of Research at LKP Securities said that benchmark indices touched new highs on the back of sustained increase in capital expenditure by the government coupled with rising manufacturing PMI.

The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said. In Asian markets, Tokyo ended in the green, while Seoul, Shanghai and Hong Kong settled lower.

Equity markets in Europe were trading mostly in the green. The U.S. markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.03% to $75.98 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹1,942.62 crore on Tuesday, according to exchange data.