Markets

Sensex rallies over 350 points to hit record intra-day high, Nifty tops 15,850

Equity benchmark Sensex rallied over 350 points to scale a fresh intra-day record in early trade on June 22, tracking gains in index-heavyweights Reliance Industries, HDFC twins and ICICI Bank, amid a positive trend in global equities.

After touching a lifetime intra-day peak of 52,957.13, the 30-share BSE index was trading 374.92 points or 0.71% higher at 52,949.38 in initial deals. Similarly, the broader NSE Nifty surged 115.05 points or 0.73% to 15,861.55.

Maruti was the top gainer in the Sensex pack, rising over 2%, followed by M&M, L&T, TCS, ICICI Bank, SBI and HDFC twins.

On the other hand, Nestle India and Bajaj Finance were the laggards.

In the previous session, Sensex ended 230.01 points or 0.44% higher at 52,574.46. Similarly, the Nifty advanced 63.15 points or 0.40% to 15,746.50.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,244.71 crore on June 21, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be good as of now following firm global cues.

U.S. stocks finished sharply higher with Dow and S&P 500 recording 1.4-1.8% gains as investors focused on strengthening of the U.S. economy and strong corporate earnings, Mr. Modi noted.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading with gains in mid-session deals, while Hong Kong was in the red.

Further, India’s daily caseload falling below 60,000 and ramp-up in vaccination programmes offer comfort, Mr. Modi said, adding that expectations of sharp improvement in high frequency key economic indicators from the current month supported by ease of business curbs in various States should continue to offer support to corporate earnings.

Meanwhile, international oil benchmark Brent crude was trading 0.35% higher at $75.16 per barrel.


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Printable version | Aug 1, 2021 3:09:17 PM | https://www.thehindu.com/business/markets/sensex-rallies-over-350-points-to-hit-record-intra-day-high-nifty-tops-15850/article34898410.ece

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