FMCG, telecom and select IT shares help markets touch record highs

Benchmark stock indices Sensex and Nifty settled at record high levels in their third straight day of gains on Tuesday following buying in FMCG, telecom and select IT shares and FII inflows.

The 30-share BSE Sensex climbed 51.69 points or 0.06 per cent to settle at a new lifetime high of 80,716.55.

During the day, it advanced 233.44 points or 0.28 per cent to hit a fresh record high of 80,898.30.

The NSE Nifty went up by 26.30 points or 0.11 per cent to settle at an all-time closing high of 24,613. Intra-day, it rallied 74.55 points or 0.30 to hit a new record peak of 24,661.25.

Sensex and Nifty have been on a record-breaking run since Friday as foreign investors have turned buyers in the Indian equities ahead of the presentation of the Union budget for 2024-25.

Encouraging quarterly results by blue-chips have also supported the rally despite high valuation concerns, according to analysts.

Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners.

On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,684.78 crore on Monday, according to exchange data.

In Asian markets, Seoul, Tokyo and Shanghai settled higher, while Hong Kong ended lower amid dovish comments from the US Fed Chair Jerome Powell bolstering hopes of a rate cut by September.

Global oil benchmark Brent crude dipped 0.80 per cent to $84.13 a barrel.