July 21, 2024

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Sensex Surpasses 78k; Nifty Tops 23,700 Led By Private Banks

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Indian shares hit fresh record highs on Tuesday, with private banks leading the surge.

Investor sentiment was underpinned after RBI data showed India’s current account balance recorded a surplus of $5.7 billion, or 0.6 percent of GDP in the January-March 2024 quarter, driven by a lower merchandise trade deficit.

This is the first time in ten quarters that the crucial metric of the country’s external strength has turned into surplus mode.

The benchmark S&P/BSE Sensex ended the session up 712 points, or 0.92 percent, at 78,053, after having hit a fresh record high of 78,165 earlier in the session.

Likewise, the broader NSE Nifty50 touched a record high of 23,754 before closing at 23,721, up 183 points, or 0.78 percent, from its previous close.

Tech Mahindra, HDFC Bank, ICICI Bank, Axis Bank and Shriram Finance jumped 2-4 percent in the Nifty pack while Tata Steel, Asian Paints, Power Grid Corp, Eicher Motor and BPCL fell 1-3 percent.

Global cues were mixed, gold held steady, and the dollar drifted higher while oil prices were slightly lower in European trade, after having closed higher Monday on concerns over the potential fallout from rising geopolitical tensions from Yemen to Russia.

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2024-06-25 06:26:07

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