A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire license rights
BENGALURU, Sept 11 (Reuters) – Indian benchmark indices hit record highs on Monday, led by financials, with their gains contrasting with a decline in Asian markets ahead of key macroeconomic data from major economies.
The ingenious 50 (.NSEI) The index rose 0.53% to 19,925.20 at 10:00 am IST, while the S&P BSE Sensex (.BSESN) rose 0.48% to 66,930.93. Both benchmark indices are less than 1% from their all-time highs, reached on July 20.
Small caps with a more internal focus (.NIFSMCP100) and mid-cap companies (.NIFMDCP100) gained more than 1.4% and 0.8%, respectively, and reached new all-time highs.
“The Nifty is likely to make another attempt at a new record high,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services, but cautioned that “it is advisable to book some profits in small caps as large foreign sales can re-emerge at higher levels. levels.”
All 13 major sector indices posted gains. Heavy finances (.NIFTYFIN) rose 0.5%, while banks (.NSEBANK)public sector banks (.NIFTYPSU) They added up to 0.5% and 1.8%, respectively.
The financial sector also posted gains on Friday after the Reserve Bank of India saying would discontinue maintenance of the incremental cash reserve ratio on a phased basis by October 7.
Asian markets fell ahead of key macroeconomic data from China and the US inflation reading, due out later this week.
Investors are also awaiting Indian retail inflation data for August and industrial production figures for July, due out on Tuesday. Retail inflation likely eased in August, from a 15-month high in July, to 7%, according to Reuters. survey of economists.
Among individual stocks, sugar companies like Praj Industries (PRAJ.NS)Balrampur Chini Mills (BACH.NS)Dwarikesh Sugar Industries (ABOUT.NS) and Dalmia Bharat Sugar and Industries (DLMI.NS) cattle between 3% and 14%, on the launch of a global biofuels alliance at the G20 summit to promote the use of cleaner fuels.
SJVN (SJVN.NS) rose 8% after signing a power purchase agreement with the board of directors of Bhakra Beas.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D’Souza
Our standards: The Thomson Reuters Trust Principles.
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