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Sensex, Nifty hit all-time highs, strong Asian markets and bank stocks propel surge

The Indian stock market showed signs of recovery on Tuesday as the Sensex surged by 237.05 points to reach 77,578.13, while the Nifty also rose by 65.8 points, reaching 23,603.65 during early trade.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: June 25, 2024 14:52 IST
Stock market
Image Source : PTI Business stock exchange building.

After a bearish start on Monday, influenced by global market weaknesses and significant foreign fund outflows, the Indian equity benchmarks witnessed a strong rebound on Tuesday. The 30-share BSE Sensex gained back 541.25 points, rising to 77,882.33 points in early trade today. Similarly, the broader Nifty index also exhibited positive momentum, climbing 130.8 points to touch a record high of 23,668.65 points. 

   
Top gainers and losers

Axis Bank, HDFC Bank, ICICI Bank, UltraTech Cement, SBI, and Kotak Mahindra Bank lead gains; Adani Ports, Power Grid, Tata Steel, and Asian Paints lag behind among Sensex constituents.
   
Global market trends

Seoul, Tokyo, Hong Kong show gains; Shanghai declines; US markets close mixed on Monday.
   
Economic update

RBI announces India's current account surplus of USD 5.7 billion for Q4 FY24, marking the first surplus in ten quarters, easing rupee pressure and potentially attracting FII inflows amid Fed rate cut expectations.
   
Commodity market

Brent crude slips marginally to USD 85.96 per barrel, influencing global oil benchmarks.
   
Investment activity

FIIs sell equities worth Rs 653.97 crore; BSE closes 131.18 points higher at 77,341.08; Nifty ends at 23,537.85, up by 0.16%.

Sensex and Nifty achieved historic highs, driven by firm Asian market performance and significant investments in leading bank stocks. India's current account surplus announcement by RBI for Q4 FY24 buoyed market sentiment, while global economic trends and commodity fluctuations shaped investor outlooks. Foreign Institutional Investors recorded substantial equity sales, while benchmark indices closed higher, reflecting positive economic indicators and investor confidence.

Also read | India records current account surplus of 0.6 per cent of GDP in March quarter: RBI

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