July 12, 2024

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Sensex, Nifty Touch New Highs In Early Trade

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Indian shares scaled new record highs on Thursday, as the dollar eased and Treasury yields touched seven-month lows amid rising bets that the Federal Reserve will start cutting interest rates soon.

A sharp fall in oil prices overnight also offered support on the eve of the monthly expiry of December month derivative contracts.

The benchmark S&P BSE Sensex rose 292 points, or 0.4 percent, to 72,323 in early trade, while the broader NSE Nifty index was up 78 points, or 0.4 percent, at 21,733.

Bajaj FinServ, NTPC, Hero MotoCorp, Mahindra & Mahindra and SBI Life all rose over 1 percent in the Nifty pack while Dr Reddy’s Laboratories, Asian Paints and Bajaj Auto were seeing modest losses.

Infosys edged down slightly after alleging unfair employee poaching by Cognizant.
Adani Total Gas dropped 1 percent. The company has signed a pact with Flipkart to decarbonize its supply chain.

Adani Energy Solutions Ltd., earlier known as Adani Transmission, was marginally higher after it signed a share purchase agreement to acquire Halvad Transmission Ltd. from PFC Consulting Ltd.

South Indian Bank was slightly higher on fund raising reports.

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Market Analysis

2023-12-27 23:33:24

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