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Sensex, Nifty hit lifetime peaks on FII inflows

Among the top performers in the Sensex pack were Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services. Conversely, HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards.

News Arena Network - Mumbai - UPDATED: July 3, 2024, 11:29 PM - 2 mins read

Equity benchmark indices Sensex and Nifty reached their lifetime peaks in early trade on Thursday, driven by firm global market trends, significant buying in blue-chip stocks, and robust Foreign Institutional Investors (FII) inflows.

Sensex, Nifty hit lifetime peaks on FII inflows


Equity benchmark indices Sensex and Nifty reached their lifetime peaks in early trade on Thursday, driven by firm global market trends, significant buying in blue-chip stocks, and robust Foreign Institutional Investors (FII) inflows.

 

The 30-share BSE Sensex surged 388.84 points to hit a record high of 80,375.64 in early trade. Similarly, the Nifty climbed 114.45 points to reach a lifetime peak of 24,400.95.

 

Among the top performers in the Sensex pack were Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies, and Tata Consultancy Services. Conversely, HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards.

 

FIIs purchased equities worth Rs 5,483.63 crore on Wednesday, according to exchange data. This substantial buying activity is largely attributed to massive delivery-based buying in banking stocks, particularly HDFC Bank.

 

"The big FII buying of Rs 5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

He added, "The FIIs with 3.78 lakh long contracts have taken a 'U' turn in their market approach from the big short contracts in early June. A decline in the US 10-year bond yield to 4.35 percent and the dollar index declining to 105.29 are positives for fund inflows."

 

Vijayakumar also noted that the market would soon start responding to Q1 results, which are expected to begin flowing in next week.

 

In Asian markets, Tokyo and Seoul traded positively on Thursday, while Shanghai and Hong Kong quoted lower.

 

US markets ended higher on Wednesday during the shortened trading session, though they remain closed on July 4, Thursday due to Independence day.

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