Share Market Today: Indices rally for sixth consecutive session; Sensex and Nifty end at new highs

The S&P BSE Sensex rose 177.04 points (0.28 per cent) to end at a fresh closing high of 62,681.84 while the Nifty 50 inched 55.30 points (0.30 per cent) higher to settle at a new all-time closing high of 18,618.05. Both benchmarks hit their respective fresh all-time highs of 62,887.40 and 18,678.10 in the intraday trade.

The 30-share Sensex has touched a new record high for the fourth consecutive session in the intraday trade today while the broader Nifty hit a new high for the second straight session today.

On the Sensex pack, Hindustan Unilever (HUL), Sun Pharmaceutical Industries, Nestle India, Dr. Reddy’s Laboratories, Tata Steel and ICICI Bank were the top gainers on Tuesday. In contrast, IndusInd Bank, Bajaj Finserv, Maruti Suzuki India, Power Grid Corporation of India, Bajaj Finance and Larsen & Toubro (L&T).

In the broader market, the S&P BSE MidCap fell 99.97 points (0.39 per cent) to end at 25,679.73 while the S&P BSE SmallCap declined 85.53 points (0.29 per cent) to settle at 29,341.21.

Among the sectoral indices, the Nifty FMCG index surged 1.87 per cent, Nifty Metal index gained 1.03 per cent and Nifty Pharma rose 0.72 per cent.

“The ongoing domestic rally is supported by falling crude & commodity prices uplifting corporates earning outlook. However, the future medium-term performance is a point of concern due to supreme valuation. Falling raw material cost, better GDP growth and lower inflation are helping to sustain the current outperformance,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global Markets (from AP)

Global shares were mostly higher Tuesday as jitters over protests in China set off by growing public anger over COVID-19 restrictions subsided. Hong Kong’s benchmark surged 5.2 per cent and most other markets in Europe and Asia advanced. US futures edged higher. Oil prices rose more than $1 per barrel.

China’s economy has been stifled by a “zero-COVID” policy which includes lockdowns that have intermittently threatened the global supply chain.

France’s CAC 40 was nearly unchanged at 6,665.24, while Germany’s DAX slipped 0.1 per cent to 14,366.13. Britain’s FTSE 100 gained 0.7 per cent to 7,525.30. The future for the S&P 500 was up 0.4 per cent while the future for the Dow industrials fell 0.2 per cent.

Hong Kong’s Hang Seng closed at 18,204.68 while the Shanghai Composite index added 2.3 per cent to 3,149.75. Japan’s Nikkei 225 lost 0.5 per cent to finish at 28,027.84. Australia’s S&P/ASX 200 gained 0.3 per cent to 7,253.30. South Korea’s Kospi added 1.0 per cent to 2,433.39.