Sensex Hits All-Time High, Nifty Trades Higher Amid Weak Global Sentiment
- Posted on June 21, 2023
- Marketplace
- By Sunshine
- 519 Views
In light of weak global sentiment, the Sensex and Nifty, two
key equity benchmarks, were trading higher on Wednesday. The S&P BSE Sensex
rose by 230 points to reach 63,558, while the NSE Nifty traded at 18,864, up 47
points.
The Sensex reached an all-time high after 137 trading
sessions, surpassing the previous record set on December 1, 2022, at 63,583.10.
Leading gainers on the Sensex included PowerGrid, L&T,
HUL, HDFC Bank, Wipro, and HDFC, while Sun Pharma, Tata Motors, Tata Steel,
Asian Paints, Bajaj Finance, and Axis Bank were among the losers. Specific
stocks like Shriram Finance and Piramal Enterprises experienced a 10 percent
upper circuit due to significant equity transactions.
The broader markets also witnessed positive movement, with
the S&P BSE MidCap and SmallCap indices rising by 0.97 percent and 0.7
percent, respectively. The realty sector emerged as a leader, while the metals
sector faced losses.
Internationally, markets were bullish despite sluggish global
growth, with many markets reaching 52-week highs. Asian markets showed mixed
trends, with Tokyo in the green and Seoul, Shanghai, and Hong Kong trading
lower. The US markets closed on a downward note.
On the currency front, the rupee slightly weakened against
the US dollar, settling at 82.10. It was attributed to the strong dollar,
foreign fund withdrawals from domestic equities, and the rise in crude prices.
Analysts highlighted the global rally and corrected
discounting from the previous year when markets anticipated a US recession that
did not materialize. The bullish trend in markets can be attributed to
indications that the US may avoid a recession.
Overall, the Indian stock market experienced positive
momentum amidst weak global sentiment, with the Sensex hitting a new record
high and various sectors displaying mixed performance.
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