2 months ago
44
Both the Indian benchmark indices, Sensex and Nifty, soared to fresh lifetime highs on Tuesday (July 2). BSE Sensex clocked in a record high at 79,855.87, while the broader NSE Nifty 50 index crossed the 24,200 level for the first time read more
 "Nifty, Sensex soar again! Benchmark stock indices clock in fresh record highs; here's why")
Benchmark stock indices Sensex and Nifty clocked in fresh record highs on Tuesday. Image source: AI-generated image via DALL-E
Both the Indian benchmark indices, Sensex and Nifty, soared to fresh lifetime highs on Tuesday (July 2). In the early trade, the 30-share BSE Sensex rose 0.47 per cent or 379.68 points to clock in a record high of 79,855.87.
The broader NSE Nifty 50 index crossed the 24,200 level for the first time. The index advanced 0.39 per cent or 94.4 points to hit an all-time high of 24,236.35.
Among the Sensex pack, HCL Technologies, Tata Consultancy Services, Infosys, Bharti Airtel, HDFC Bank and Power Grid were the biggest gainers. Tata Motors, Bajaj Finance, Kotak Mahindra Bank and ICICI Bank were among the laggards.
Shares of Eicher Motors, Wipro, Tech Mahindra, HCL Technologies, and Hero MotoCorp were among the major gainers in the Nifty pack, while the losers were Bajaj Auto, Sun Pharma, Bajaj Finance, Tata Motors, and Adani Enterprises.
Here are two reasons why the benchmark indices have touched record highs:
Global cues: Global cues were largely positive on Tuesday morning. In Asian markets, Tokyo, Shanghai and Hong Kong were trading in the positive territory, although Seoul quoted lower. In the United States, the three major stock indices- Nasdaq, Dow Jones, and S&P 500- all ended in the green at the end of the trading day on Monday. European stocks, too, ended higher on Monday as regional investors reacted to the results of France’s snap parliamentary election.
Momentum in tech stocks: Technology sector shares, such as those of HCL Technologies, TCS, Infosys, and Wipro, continued their upward trajectory seen on Monday. The uptick in tech stocks in the US has helped. Another contributing factor has been the upbeat annual revenue growth forecast from Accenture- which has hinted at robust demand in the key US market.
It is interesting to note that a strong base for today’s life high had been created on Monday when the BSE benchmark settled higher by 443.46 points or 0.56 per cent at an all-time high of 79,476.19. The Nifty had climbed 131.35 points or 0.55 per cent to settle at a fresh lifetime high of 24,141.95.
With inputs from agencies
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
English (US) ·