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  1. Markets scale fresh highs, NIFTY50 gains for fifth consecutive session, SENSEX closes above 77,300 for the first time

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Markets scale fresh highs, NIFTY50 gains for fifth consecutive session, SENSEX closes above 77,300 for the first time

Upstox

2 min read | Updated on June 19, 2024, 17:24 IST

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SUMMARY

The Nifty 50 hit a fresh all-time high of 23,579.05 but settled lower at 23,557.90. Shriram Finance (+3.22%), Power Grid (+3.13%), and Wipro (+2.94%) were the top gainers while Maruti (-2.14%), Dr. Reddy’s (-1.60%), and UltraTech Cement (-1.09%) were the top laggards on the index.

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NIFTY closes above 23,500 and Sensex above 77,000 for the first time

Markets on Tuesday resumed their upward trend to hit record highs with the benchmark NIFTY50 closing in the green for the fifth consecutive session led by gains in power, IT, and financial stocks. The NIFTY50 and the SENSEX closed at their all-time highs with the latter closing above the 77,300 mark for the first time.

Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2% from 7% projected in March, citing a recovery in consumer spending and increased investment. Besides this, fresh fund inflows after Foreign Institutional Investors (FIIs), who bought equities worth ₹2,175.86 crore on Friday also boosted investor confidence.

The market received support from positive global cues after US indices hit fresh highs. European markets fared well with the UK’s FTSE 100 trading higher by 0.46% on Tuesday. Additionally, Asian Markets posted mixed results with the Nikkei 225 closing 1% higher and the KOSPI gaining 0.72% while the Hang Seng lost 0.11%.

Benchmark Indices

The NIFTY50 hit a fresh all-time high of 23,579.05 but settled lower at 23,557.90. Shriram Finance (+3.22%), Power Grid (+3.13%), and Wipro (+2.94%) were the top gainers while Maruti (-2.14%), Dr. Reddy’s (-1.60%), and UltraTech Cement (-1.09%) were the top laggards on the index.

Meanwhile, the SENSEX hit an all-time high of 77,366.77 before paring gains to close at 77,301.14, up 0.4%. The index was supported by Power Grid (+3.17%), Wipro (+3.04%) and Titan (+1.74%) while Maruti (-2.14%), Tata Steel (-1.04%) and UltraTech Cement (-0.96%) were the top losers on the index.

The Bank Nifty outperformed on Tuesday, hitting an intraday high of 50,562.15 before closing at 50,440.90, up by 0.88%. IDFC First (+4.32%), Bandhan Bank (+2.01%), and ICICI Bank (+1.82%) were leading the pack while only Punjab National Bank (-0.15%) was the sole laggard on Tuesday.

Broader Market

The broader market saw decent gains with all indices ending the day in the green. The Nifty Smallcap 100 gained 1.08% while the Nifty Midcap 100 closed 0.48% higher.

Meanwhile, among sectoral indices, the Nifty Realty (+1.88%), Nifty Consumer Durables (+1.59%), and Nifty Private Bank (+1.10%) were among the top gainers. The Nifty Midsmall Healthcare (-0.72%), Nifty Media (-0.64%), and Nifty Healthcare Index (-0.5%) were the top laggards.

India VIX, an index that reflects the anticipated volatility in the market over the next 30 days, closed 1.68% higher on Tuesday at 13.04.

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