MUMBAI: Equity benchmark indices scaled fresh all-time closing highs on Thursday, driven by unabated foreign fund inflows and buying in index major Reliance Industries.
Defying a weak trend in the global markets, the 30-share BSE Sensex climbed 339.60 points or 0.52 per cent to settle at its new all-time closing high of 65,785.64. During the day, the benchmark jumped 386.94 points or 0.59 per cent to hit its lifetime intra-day peak of 65,832.98.
The NSE Nifty rallied 98.80 points or 0.51 per cent to end at a new record high of 19,497.30. In intra-day, it advanced 113.7 points or 0.58 per cent to reach its all-time intra-day peak of 19,512.20.
Reliance Industries, the highest weighted stock in the Nifty, rose over 2% and led gains in the index, after a report said that its telecom arm is likely to sign a contract worth $1.7 billion with Nokia to buy 5G network equipment.
The rise in
also powered oil & gas index which rose nearly 2%. Realty index jumped over 2%, aided by strong quarterly updates from several constituents.
The jump extended broader markets as well, with smallcap and midcap indexes hitting fresh over-one-year and record highs, respectively.
“Expect Indian equities to consolidate in the third quarter of 2023 after a 11% rally in June quarter,” six analysts at Goldman Sachs said in a note on Wednesday.
They also added that the recent rise in Indian equities was entirely supported by persistent foreign buying. Foreign portfolio investors (FPIs) inflows in Indian equities exceeded 1 trillion rupees in the first three months of fiscal 2024.
In contrast to domestic equities, Asian and European markets declined after minutes of the June Fed meeting showed that most members expected further policy tightening. The odds of a Fed rate hike in July currently stand at 91.1%.
Concerns over US-China trade relations also weighed on sentiment. The US said that it was firmly opposed to the export controls announced by China.
The MSCI Asia ex-Japan index dropped 1.52%, while European markets also edged lower.