Benchmark equity indices kept rising on Monday, with the BSE Sensex breaking beyond 65,000 for the first time ever thanks to positive trends in the world markets and foreign capital inflows.

There were other companies from the Sensex pack that saw significant gains, including HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank.

Those who lagged behind included Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank.

Seoul, Tokyo, Shanghai, and Hong Kong were all trading in the green on Asian markets.

On Friday, US markets closed sharply higher.

Benchmark Brent crude fell 0.01 percent to 75.41 per barrel on the world market.

According to exchange data, foreign institutional investors (FIIs) purchased shares of stock on Friday valued Rs 6,397.13 crore.

For the fourth time since the implementation of the indirect tax system, GST receipts exceeded Rs 1.60 lakh crore, climbing 12% to over Rs 1.61 lakh crore in June, the Finance Ministry reported on Saturday.

The BSE benchmark increased by 803.14 points, or 1.26%, to close at a record-setting 64,718.56 on Friday. To finish at a record high of 19,189.05., the Nifty gained 216.95 points, or 1.14 percent.

“Despite the brutal 500 bp rate hike by the Fed, the surprising and unexpected resilience of the US economy—2% GDP growth in Q1 2023—is the main driver of the current rally in global stock markets. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Global markets, which had discounted a US recession by mid-2023, have been proven incorrect and the markets are now making up for the excessively negative pricing in 2022.

Sustained FPI flows (Rs 47,148 crore in June) is the main driver of the rally in India, Vijayakumar added.

 

 

 

 

By Deesha

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