BENGALURU, June 21 (Reuters) – India’s benchmark Sensex stock index hit a record high on Wednesday, while the Nifty 50 inched towards its all-time high, amid persistent foreign inflows into US-backed Indian stocks. solid macroeconomic image of the country.
The S&P BSE Sensex (.BSESN) it hit its all-time high at 63,588.31, before giving back some gains to trade at 63,418.93 as of 10:46 am IST.
The top of the line Nifty (.NSEI) index rose 0.05% to 18,826.80.
“India’s economy is in a multi-year bullish cycle, which is very positive. While there are pockets of overvaluations, there are also pockets of opportunity in the markets,” said Gaurav Dua, senior vice president and head of market strategy. of Sharekhan capitals.
“Indices may be at or near all-time highs, but valuations are not, thanks to healthy earnings growth over the past 20 months.”
Foreign investors have put in 738.12 billion rupees ($8.99 billion) so far this fiscal year. They were net sellers in the previous two fiscal years, with a record outflow of Rs 1,400.10 billion in fiscal 2022.
India’s economic growth has accelerated in the March quarter while inflation has cooled, showing that the country remains one of the fastest growing emerging economies.
On Wednesday, nine of the 13 major sector indices advanced, with financials heavily weighted. (.NIFTYFIN) adding more than 0.6%.
Broader indices continued to outperform larger peers with mid-caps (.NIFMDCP100) 1.18% rise and small cap index (.NIFSMCP100) gaining 0.8%.
Among individual actions, Larsen and Toubro (LART.NS) It rose more than 1% to rank among the top gainers in the Nifty 50, after Morgan Stanley reiterated an “overweight” rating, citing strong evidence of progress in the capital spending cycle.
Shriram Finance (SHMF.NS) jumped 15% to an all-time high after Piramal Enterprises (PIRA.NS) sold its entire 8.34% stake in the company.
Meanwhile, markets awaited testimony from US Federal Reserve chief Jerome Powell before the US House of Representatives committee on financial affairs.
($1 = 82.0780 Indian rupees)
Reporting by Bharath Rajeswaran in Bangalore; Edited by Sonia Cheema and Varun HK
Our standards: The Thomson Reuters Trust Principles.
Discover more from PressNewsAgency
Subscribe to get the latest posts sent to your email.