Stock Market Updates: Benchmark equity indices declined in early trade on Tuesday after three days of record rally amid emergence of profit-taking.
Stock Market Updates: Benchmark indices, Sensex and Nifty, reached new record highs for the fourth consecutive session on Tuesday, continuing their upward momentum following the significant rate cut by the Federal Reserve the previous week.
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Equity indices rebounded after falling in early trade, with the Sensex breaching the 85,000 mark for the first time and the Nifty nearing the 26,000 level, amid sharp rally in Asian markets and buying in blue-chip HDFC Bank.
Recovering all the early lost ground, the 30-share BSE Sensex climbed 123.81 points to scale a fresh all-time peak of 85,052.42.
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The NSE Nifty also went up by 39.85 points to hit a new record high of 25,978.90. The benchmark is just 21.1 points away from breaching the historic 26,000 mark.
From the 30 Sensex firms, Tata Steel, JSW Steel, Power Grid, HDFC Bank, Tata Motors and Larsen & Toubro were the biggest gainers.
Hindustan Unilever, Infosys, Bajaj Finance, Axis Bank, Kotak Mahindra Bank and UltraTech Cement were among the laggards.
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Asian shares advanced Tuesday, with Chinese markets logging the biggest gains after the central bank announced a slew of measures to support the economy.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory. Shanghai and Hong Kong markets were quoting significantly higher.
The US markets ended higher on Monday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 404.42 crore on Monday, according to exchange data.
S&P Global Ratings on Tuesday retained India’s growth forecast at 6.8 per cent for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review.
Global oil benchmark Brent crude climbed 0.93 per cent to USD 74.59 a barrel.
With the Sensex and Nifty nearing significant milestones of 85,000 and 26,000 respectively, the momentum in Asian and European indices will be crucial in determining the continuation of the rally in domestic markets.
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Sensex jumped 384 points to close at a new all-time high on Monday, driven by gains in energy, select banking and auto shares amid continued optimism over the US Fed rate cut and positive Asian markets.
Rallying for the third day running, the 30-share BSE Sensex jumped 384.30 points, or 0.45 per cent, to settle at an all-time high of 84,928.61.
During the day, it soared 436.22 points, or 0.51 per cent, to hit a fresh lifetime intra-day peak of 84,980.53.
The NSE Nifty rose 148.10 points, or 0.57 per cent, to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points, or 0.63 per cent, to reach a new intra-day all-time high of 25,956.
