Monday, January 30, 2023

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Sensex hits all-time 63,000 mark for first time

Sensex: For the first time today, the benchmark BSE Sensex closed above the 63,000-level, continuing its winning streak into its seventh day amid a generally favourable trend in the global markets and ongoing inflows of foreign capital.

The 30-share index increased 417.81 points, or 0.67 percent, to close at 63,099.65, a new high. The benchmark reached its all-time intra-day high of 63,303.01 during the day, rising 621.17 points or 0.99 percent.

The larger NSE Nifty gained 140.30 points, or 0.75 percent, to close at 18,758.35, a new high.

Mahindra & Mahindra, UltraTech Cement, Power Grid, Hindustan Unilever, Bharti Airtel, Asian Paints, Tata Steel, and Titan all had significant gains inside the Sensex pack.

“Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes. An in-line comment will help to sustain the rally while loosening COVID-19 restrictions in China is providing relief to global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

Laggards included IndusInd Bank, State Bank of India, HCL Technologies, and ITC. Markets in Seoul, Shanghai, and Hong Kong closed higher on other Asian exchanges, but Tokyo’s closed lower.

European stock exchanges were trading more favourably in the afternoon session. On Tuesday, Wall Street had a mixed day. Benchmark Brent crude for world markets was trading 1.83 percent higher at USD 84.55 per barrel.

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