Sensex, Nifty reach fresh all-time high levels in early trade

Mumbai : Sensex and Nifty reached new record highs during the early trading session on Thursday due to a strong surge in Asian markets and increased purchasing of IT stocks. In early trading, the BSE Sensex rose by 202.3 points, reaching a historic high of 85,372.17. The NSE Nifty increased by 51.85 points to reach a new all-time high of 26,056. Maruti, Nestle, Tata Motors, Infosys, Tech Mahindra, HCL Technologies, Bajaj Finserv, Tata Consultancy Services, ITC, and Bharti Airtel were the top performers among the 30 companies listed on the Sensex. Power Grid, NTPC, Tata Steel, and JSW Steel were some of the underperformers.

Significant gains were seen in trading in Asian markets in Seoul, Tokyo, Shanghai, and Hong Kong. Wednesday saw mostly lower closing for US markets. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 973.94 crore on Wednesday, whereas Domestic Institutional Investors (DIIs) purchased equities worth Rs 1,778.99 crore on the same day. There are currently no imminent short-term catalysts that could cause significant movement in the market either upwards or downwards. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that upward movements could lead to FIIs selling their investments and transferring funds to China and Hong Kong due to their lower valuations and rising trends. Vijayakumar stated that FII selling is not likely to have a major impact on the market because there is plenty of domestic liquidity available to absorb it.

Brent crude, the global oil benchmark, rose by 0.08 per cent to reach USD 73.52 per barrel. On Wednesday, the BSE index reached a record high of 85,169.87, increasing by 255.83 points or 0.30 percent. Throughout the day, it climbed by 333.38 points, equating to a 0.39 percent increase, reaching an all-time high of 85,247.42. The Nifty reached a new all-time high by gaining 63.75 points, equivalent to 0.25 percent.