In a historic milestone, the BSE Sensex soared past the 65,000 mark for the first time ever, driven by bullish global market trends and foreign fund inflows. The 30-share BSE Sensex surged 449.46 points to reach a record high of 65,168.02, extending its four-day rally. Simultaneously, the NSE Nifty also scaled new heights, climbing 128.95 points to touch a lifetime peak of 19,318. Notable gainers among Sensex stocks included HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank. On the other hand, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank faced some downward pressure.
Meanwhile, Asian markets such as Seoul, Tokyo, Shanghai, and Hong Kong were trading positively. The US markets also closed significantly higher on Friday. The global oil benchmark, Brent crude, experienced a marginal dip of 0.01 percent, settling at USD 75.41 per barrel. Foreign Institutional Investors (FIIs) continued their buying spree, acquiring equities worth Rs 6,397.13 crore on Friday.
Amidst the market surge, GST collections in June crossed the Rs 1.60 lakh crore mark for the fourth time since the introduction of the indirect tax regime. The Finance Ministry reported a 12 percent rise, with collections surpassing Rs 1.61 lakh crore. In the previous session, the BSE Sensex had gained 803.14 points or 1.26 percent to close at a record high of 64,718.56, while the Nifty reached 19,189.05, climbing 216.95 points or 1.14 percent.
Commenting on the global stock market rally, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the US economy (2 percent GDP growth in Q1 2023), in spite of the savage 500 bp rate hike by the Fed. Global markets, which had discounted a US recession by mid-2023, have been proved wrong, and the markets are now compensating for the excessive pessimistic discounting in 2022.” He added that sustained FPI flows, amounting to Rs 47,148 crore in June, are the main driver of the rally in India.
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