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Home  » Business » BSE, NSE scale fresh peaks; Sensex jumps 204 points

BSE, NSE scale fresh peaks; Sensex jumps 204 points

Source: PTI
Last updated on: June 13, 2024 17:13 IST
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Equity benchmark indices Sensex and Nifty hit their fresh record levels on Thursday after lower inflation numbers raised hopes of an interest rate cut by the RBI.

Brokers

Photograph: Savits Kirloskar/Reuters

Besides, heavy buying in capital goods, consumer durable and industrial stocks also helped the indices, traders said.

Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank's comfort zone of below 6 per cent, according to government data released on Wednesday.

 

Rising for the second day in a row, the 30-share BSE Sensex jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46.

It later ended at a fresh record high at 76,810.90; up 204.33 points or 0.27 per cent.

The NSE Nifty rallied 75.95 points or 0.33 per cent to settle at a new closing high of 23,398.90.

During the day, it climbed 158.1 points or 0.67 per cent to its record peak of 23,481.05.

Among the 30 Sensex companies, Mahindra & Mahindra, Titan, Larsen & Toubro, IndusInd Bank, Tech Mahindra, UltraTech Cement, Wipro, Tata Consultancy Services, Bajaj Finance and Nestle were the biggest gainers.

On the other hand, Hindustan Unilever, Power Grid, Axis Bank, Bharti Airtel, ICICI Bank and ITC were among the laggards.

In Asian markets, Seoul and Hong Kong settled higher, while Tokyo and Shanghai ended lower.

European markets were trading lower. US markets ended mostly with gains.

"There is good news on the inflation front, both in the US and in India.

"The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Federal Reserve officials said on Wednesday that inflation has fallen further toward their target level in recent months but signalled that they expect to cut their benchmark interest rate just once this year.

The policymakers' forecast for one rate cut was down from a previous forecast of three, likely because inflation, despite having cooled in the past two months, remains persistently elevated.

Global oil benchmark Brent crude declined 0.71 per cent to $82.01 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 426.63 crore on Wednesday, according to exchange data.

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