scorecardresearchSensex hits new high, Nifty less than 30 points away; banks, financials

Sensex hits new high, Nifty less than 30 points away; banks, financials gain

Updated: 21 Jun 2023, 10:43 AM IST
TL;DR.

Sensex surged 260.61 points to hit its new high of 63,588.31 in intra-day deals today whereas Nifty50 was just a few points shy of its record high.

Mumbai: A man walks past the BSE bull on the day of tabling of Union Budget 2023-24, at Bombay Stock Exchange in Mumbai, Wednesday, Feb. 1, 2023. With Budget announcements the 30-share BSE benchmark Sensex rose 1,000 points to touch an intra-day high of 60,1618 points but later pared down to 59,257, after dropping 450 points. (PTI Photo/Shashank Parade) (PTI02_01_2023_000222B)

Mumbai: A man walks past the BSE bull on the day of tabling of Union Budget 2023-24, at Bombay Stock Exchange in Mumbai, Wednesday, Feb. 1, 2023. With Budget announcements the 30-share BSE benchmark Sensex rose 1,000 points to touch an intra-day high of 60,1618 points but later pared down to 59,257, after dropping 450 points. (PTI Photo/Shashank Parade) (PTI02_01_2023_000222B)

Benchmark index Sensex hit its all-time high in morning deals on Wednesday (June 21, 2023) led by gains in banking and financial stocks as well as index heavyweight Reliance Industries.

The index surged 260.61 points to hit its new high of 63,588.31 in intra-day deals today whereas Nifty50 was just a few points shy of its record high.

At 10:15 am, the Nifty was trading 50 points higher at 18,866, only 21 points away from its record high of 18,887, hit in December 2022.

"It is important to understand that this is a global rally with most markets - US, Euro Zone, Japan, South Korea, Taiwan - hovering around 52-week highs. India is near new record highs. Globally markets are bullish even when global growth is sluggish. The reason for this bullish trend is that the US recession, which markets had discounted last year, didn’t happen and there are indications that the US might avoid a recession. So, markets are correcting the wrong discounting of last year. In India, there is a big action in mid and small-caps and this is likely to continue. Even though valuations are rich, there is value in large-cap banking stocks that have corrected. Leading indicators, particularly the sustaining credit growth, augur well for high-quality banking stocks. The big wall of worry for the bulls is the dismal performance of the monsoon showing deficiency over 50 percent till 15th June," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Meanwhile, broader markets were also trading at record highs with the Nifty Midcap 100 up 1.1 percent to its new high of 35,744.65, whereas the Nifty Smallcap 100 also rose almost 1 percent to its record high of 10908.95 in intra-day deals.

Among sectors, the Nifty Financial Sevices index rose the most, up half a percent to hit its record high, meanwhile, Nifty Bank was up 0.4 percent. Meanwhile, Nifty Auto and Nifty FMCG also rose around 0.4 percent each and Nifty IT added 0.2 percent. However, Nifty Metal and Nifty Pharma shed 0.6 percent and 0.2 percent, respectively.

On Sensex, PowerGrid, L&T, HUL, Wipro and RIL were the top gainers while Sun Pharma, Tata Motors, Bajaj Finance, Tata Steel and Axis Bank were the top losers.

Meanwhile, on Nifty, HDFC Life, Tata Consumer, PowerGrid, L&T and HUL rose the most whereas JSW Steel, Apollo Hospitals, Hindalco, Tata Motors and Sun Pharma shed the most.

 

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First Published: 21 Jun 2023, 10:34 AM IST