The Business Bytes
MUMBAI, JUNE 14, 2024 (TBB BUREAU): The Sensex and Nifty, leading benchmarks in equity indices, surged to fresh closing lifetime highs fueled by robust buying in blue-chip giants like HDFC Bank, Reliance Industries, and Mahindra & Mahindra, buoyed further by positive export figures.
The market witnessed a steady uptick for the third consecutive session, with the 30-share BSE Sensex scaling up by 181.87 points or 0.24%, concluding at a historic closing peak of 76,992.77. In intra-day trading, it soared by 270.4 points or 0.35% to touch 77,081.30.
Similarly, the NSE Nifty showcased remarkable resilience, rallying by 66.70 points or 0.29%, reaching an unprecedented closing high of 23,465.60. In the course of trading, it peaked at a fresh all-time high of 23,490.40, surging by 91.5 points or 0.39%.
On a weekly analysis, the BSE benchmark recorded a gain of 299.41 points or 0.39%, while the Nifty saw an advance of 175.45 points or 0.75%.
Among the top performers in the Sensex pack were Mahindra & Mahindra, Titan, HDFC Bank, Reliance Industries, UltraTech Cement, Bajaj Finance, Axis Bank, Tata Motors, and Asian Paints. Conversely, Tech Mahindra, Tata Consultancy Services, Wipro, HCL Technologies, Larsen & Toubro, and State Bank of India witnessed a downtrend.
Encouragingly, India’s merchandise exports surged by 9% to USD 38.13 billion in May 2024, compared to USD 34.95 billion in the corresponding period last year, according to government data released on Friday. Similarly, imports also experienced a notable uptick, rising by 7.7% to USD 61.91 billion from USD 57.48 billion in May 2023.
In the broader market, the BSE midcap index soared by 1.18%, while the smallcap index climbed by 1.03%. Noteworthy gains were observed across various sectors, with industrials, capital goods, telecommunication, auto, consumer discretionary, and realty sectors leading the charge.
However, the IT and teck sectors witnessed a subdued performance.
Across Asian markets, Seoul, Tokyo, and Shanghai concluded on a positive note, whereas Hong Kong ended lower.
Foreign Institutional Investors (FIIs) were observed to offload equities worth Rs 3,033 crore on Thursday, as per exchange data.
In global commodities markets, the global oil benchmark Brent crude experienced a slight dip of 0.12%, settling at USD 82.65 a barrel. Concurrently, gold prices in the national capital fell by Rs 70 to Rs 72,080 per 10 grams, mirroring global trends. Similarly, silver prices declined by Rs 250 to Rs 90,700 per kg.
