The Business Bytes
Mumbai, June 12, 2024 (TBB Bureau): Benchmark equity indices closed higher on Wednesday, with the Nifty reaching a new record closing level. This rise was primarily driven by buying in power, capital goods, and industrial stocks, supported by a generally positive trend in global equities.
Select index-heavyweight counters such as HDFC Bank and Reliance Industries also contributed to the positive investor sentiment, according to traders.
Despite a highly volatile trading session, the 30-share BSE Sensex climbed 149.98 points, or 0.20%, to close at 76,606.57. Earlier in the day, it surged by 593.94 points, or 0.77%, to reach 77,050.53. The BSE benchmark is now just 28.51 points shy of breaking its previous all-time high of 77,079.04.
The NSE Nifty rose by 177.1 points, or 0.76%, to hit a new all-time intra-day high of 23,441.95. It ended at a new closing high of 23,322.95, up 58.10 points, or 0.25%.
Power Grid led the gains on the Sensex chart, rising 2.54%, followed by Tech Mahindra, Bajaj Finance, NTPC, UltraTech Cement, Larsen & Toubro, Tata Steel, Bharti Airtel, Bajaj Finserv, and HCL Technologies.
Conversely, Mahindra & Mahindra, Hindustan Unilever, Infosys, and Titan were among the losers.
In the broader market, the BSE midcap index jumped 1.07%, and the smallcap index climbed 1.06%.
Among sectoral indices, industrials, power, capital goods, energy, commodities, healthcare, and metals were the top gainers. Realty and FMCG sectors, however, lagged behind.
In Asian markets, Seoul and Shanghai closed in positive territory, while Tokyo and Hong Kong ended lower.
Global oil benchmark Brent crude rose 1.16% to USD 82.87 a barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 111.04 crore on Tuesday, according to exchange data.
Gold prices increased by Rs 250 to Rs 72,200 per 10 grams in the national capital on Wednesday, amid strong global trends, according to HDFC Securities. Silver prices also surged by Rs 800 to Rs 91,500 per kg.
