The 30-share BSE Sensex was up 146 points at 63,473.70 in early trade. The NSE Nifty rose 37 points to 18,853.70.
Updated: Wed, 6/21/23 at 10:46am
Mumbai: The benchmark index climbed in early trade on Wednesday, with the BSE Sensex hitting an all-time high of 63,588.31, as index majors HDFC Twins and Reliance Industries bought.
The 30-share BSE Sensex was up 146 points at 63,473.70 in early trade. The NSE Nifty rose 37 points to 18,853.70.
Subsequently, the BSE benchmark rose 260.61 points to hit an all-time high of 63,588.31. The benchmark hit the milestone after a gap of nearly seven months.
On December 1 last year, the Sensex hit an all-time intraday high of 63,583.07.
In the Sensex pack, Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services and Reliance Industries were the key winners.
Tata Steel, NTPC, Tata Motors, ICICI Bank and Asian Paints lagged behind.
In Asian markets, Tokyo quotes rose, while Seoul, Shanghai and Hong Kong traded lower.
U.S. markets closed lower on Tuesday.
Brent crude, the global oil benchmark, rose 0.26% to $76.09 a barrel.
Foreign institutional investors (FIIs) sold shares worth Rs 1,942.62 crore on Tuesday, according to exchange data.
“It’s important to understand that this is a global rally, with most markets – the US, Eurozone, Japan, Korea and Taiwan – hovering around 52-week highs … global markets are bullish even with slow global growth.
“The reason for this bullish trend is that the U.S. recession, which the market already underestimated last year, did not occur, and there are signs that the U.S. may avoid a recession. Therefore, the market is correcting last year’s misdiscounting,” said Geojit Financial Services chief investment strategist Said by division VK Vijayakumar.
The 30-share BSE benchmark closed up 159.40 points or 0.25 percent at 63,327.70 on Tuesday. The Nifty gained 61.25 points or 0.33 percent to end at 18,816.70.
“Later today, all eyes will be on the Fed chair’s testimony before the US Congress,” said Prashanth Tapse, senior vice president (research) at Mehta Equities Ltd.
