Stock Market Toady: Sensex Breaches 81,000 Level, Nifty Closes at Record 24,800 as IT Shares Shine

Mumbai, July 18: Stock markets remained on record-smashing course for the fourth straight day on Thursday with benchmark Sensex breaching the 81,000 mark for the first time and Nifty scaling the record 24,800 level driven by buying in IT, oil&gas and FMCG shares. Rebounding from its early lows, the 30-share BSE Sensex rose by 626.91 points or 0.78 per cent to settle at a fresh closing high of 81,343.46. The index opened on a weak note and hit a low of 80,390.37 points in early trade.

However buying in IT shares TCS, Infosys and Tech Mahindra and index heavyweight Reliance Industries helped the index pare losses in the afternoon session. The barometer surged 806 points or 0.99 per cent to hit a new record intra-day peak of 81,522.55. The broader Nifty also pared early losses and climbed 187.85 points or 0.76 per cent to settle at an all-time closing high of 24,800.85. During the day, it zoomed 224.75 points or 0.91 per cent to hit a fresh lifetime high of 24,837.75. Indian Equity Market Hits Record Highs: Nifty Surpasses 24,500 for the First Time, Sensex Reaches Around 80,893.

"The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country's leading IT firms in the June quarter, coupled with a weakening rupee," Vinod Nair, Head of Research, Geojit Financial Services, said. Softening US bond yields on growing hopes of a US Fed rate cut by September also boosted FII flows into Indian equities, analysts said. Among Sensex shares, Tata Consultancy Services rose the most by 3.33 per cent.

Infosys gained 1.93 per cent ahead of the financial results for the June quarter. The IT major after market hours reported a 7 per cent rise in consolidated net profit to Rs 6368 crore for the April-June period and also raised its growth outlook for the current fiscal. Bajaj Finserv, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were among the gainers. On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards. In total, 22 Sensex shares advanced and eight declined.

The broader market lagged the major indices due to high valuations and sectoral rotation, which is influenced by anticipated improvement in private consumption, particularly in rural areas, Nair said. The BSE smallcap gauge dropped 1.15 per cent and the midcap index dipped 0.99 per cent. Among the indices, capital goods dropped 2.03 per cent, industrials by 1.95 per cent, utilities by 1.08 per cent and services by 0.87 per cent. Healthcare, IT, telecommunication, auto and teck were the gainers. Zerodha Kite Glitch Causes Users To Lose Lakhs of Rupees, Company Says Problem Was Due to Connectivity Issue at BSE and ‘Issue Now Resolved’.

In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended lower. European markets were trading higher. The US markets ended mostly lower on Wednesday. Global oil benchmark Brent crude dipped 0.14 per cent to USD 84.96 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,271.45 crore on Tuesday, according to exchange data. Stock markets were closed on Wednesday on account of Muharram.

Benchmark Sensex and Nifty have been on a record-breaking run since Friday. The indices have traded at lifetime high levels in the four straight sessions. Nifty advanced nearly 485 points or 1.98 per cent while Sensex rose by 1446 points or 1.79 per cent since Friday.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)