Sensex crosses 54K for first time; Nifty soars past 16,200
Equity benchmark Sensex rallied over 400 points in early trade on Wednesday and soared past the 54,000 mark, led by gains in index majors Infosys, HDFC, and ICICI Bank amid a positive trend in global markets. After scaling its lifetime peak of 54,256.13 in opening trade, the 30-share index was trading 415.33 points or 0.77 percent higher at 54,238.69 in initial deals.
Who were the gainers and losers?
In tandem, the broader NSE Nifty surged 116.10 points or 0.72 percent to an all-time peak of 16,246.85. Tata Steel was the top gainer in the Sensex pack, rising around 2 percent, followed by HDFC, ICICI Bank, Dr. Reddy's, Infosys, Reliance Industries, and HDFC Bank. On the other hand, Bharti Airtel, Nestle India, SBI, HUL, and UltraTech Cement were among the laggards.
In the previous session, Sensex ended 872.73 points or 1.65 percent higher at its fresh closing record of 53,823.36, and Nifty rallied 245.60 points or 1.55 percent to an all-time peak of 16,130.75. Foreign institutional investors (FIIs) turned net buyers in the capital market as they purchased shares worth Rs. 2,116.60 crore on Tuesday, as per provisional exchange data.
Key economic indicators indicate a strong rebound in July
Domestic equities continue to look good as of now, said Binod Modi Head-Strategy at Reliance Securities. "Key economic indicators like GST collection, auto sales volume, and other high-frequency indicators like e-way bills indicate a strong rebound in July, which bodes well and indicates sustained healthy corporate earnings in subsequent quarters," he noted.
Brent crude is trading at $72.49 per barrel
Further, Modi added that India stands to be benefited from China's regulatory crackdown on technology and education companies. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals, while Tokyo was in the red. Equities on Wall Street too ended on a positive note in overnight trade. Meanwhile, Brent crude advanced 0.11 percent to $72.49 per barrel.